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Required information [The following information applies to the questions displayed below.) Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk

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Required information [The following information applies to the questions displayed below.) Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $15,000. In addition, Rubio's share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership is $5,000, and he has $40,000 in wage income and $10,000 in long-term capital gains. a. How much of Rubio's $22,000 loss is allowed considering only the tax-basis loss limitations? Loss allowed as per tax basis loss limitation b. How much of the loss from part (a) is allowed under the at-risk limitations? Loss allowed as per at-risk limitation

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