Rick has a 50% interest in LST Partnership and he materially participates in the business. His adjusted basis in LST at the beginning of the current tax year was $30,000, and there were no distributions to Rick during the year. During the year, the partnership borrowed $80,000 from the local bank for the following reasons: Purchased equipment for the business $60,000 Paid off other LST liabilities in full $20,000 LST incurred a $200,000 loss for the current tax year. This is a three-part question. Question 1: How much (if any) of the LST loss can Rick deduct on his personal tax return? Question 2: How much (if any) of the LST loss must Rick carry forward until his basis is reestablished? Question 3: What is Rick's adjusted basis in LST including his share of the loss? Question 29Select one: a. $100,000; $ 0; $ 0 b. $ 60,000; $40,000; $ 0 c. $ 70,000; $30,000; $ 0 This answer is incorrect. Rick's adjusted basis is increased by his 50% share of additional liabilities and decreased by his 50% share of paid-off liabilities. This answer incorrectly increases his adjusted basis by his share of additional liabilities but does not decrease by