Rubio recently invested $28,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $20,600. In addition, Rubio's share of the limited partnership loss for the year is $32,400, his share of income from a different limited partnership is $6,200, and he has $48,000 in wage income and $14,000 in long-term capital gains. Problem 7-60 Part-a (Algo) a. How much of Rubio's $32,400 loss is allowed considering only the tax-basis loss limitations Loss allowed as per tax basis loss limitation $ 4,400 Rubio recently invested $28,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $20,600. In addition, Rubio's share of the limited partnership loss for the year is $32,400, his share of income from a different limited partnership is $6,200, and he has $48,000 in wage income and $14,000 in long-term capital gains. Problem 7-60 Part-b (Algo) b. How much of Rubio's $32,400 loss is allowed under the at-risk limitations? Loss allowed as per at-risk limitation $ 4,400 Rubio recently invested $28,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $20,600. In addition, Rubio's share of the limited partnership loss for the year is $32,400, his share of income from a different limited partnership is $6,200, and he has $48,000 in wage income and $14,000 in long-term capital gains. Problem 7-60 Part-c (Algo) c. How much of Rubio's $32,400 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss