Return to question 19 (The following information applies to the questions displayed below.] Part 1 of 2 Juan Diego began the year with a tax basis in his partnership interest of $50,000. During the year, he was allocated $42,000 of partnership ordinary business income, $120,000 of $1231 losses, and $80,000 of short-term capital losses and received a cash distribution of $50,000. (Do not round intermediate calculations.) 4 points Problem 20-75 Part a (Algo) a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint. See Reg. $1.704-1(d)(2) and Rev. Rul. 66-94.] & Answer is not complete. Amount Deducted Currently $ 25,200 $1231 losses Short-term capital losses b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint. See Reg. $1.704-1(d).] $1231 losses Short-term capital losses