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Required information [The following information applies to the questions displayed below.] Rublo recently invested $22,000 (tax basis) in purchasing a limited partnership interest in which
Required information [The following information applies to the questions displayed below.] Rublo recently invested $22,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $16,400. In addition, Rubio's share of the limited partnership loss for the year is $24,600, his share of income from a different limited partnership is $5,300, and he has $42,000 in wage Income and $11,000 in long-term capital gains. a. How much of Rubio's $24,600 loss is allowed considering only the tax-basis loss limitations? Loas allowed as per tax basis loss limitation
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