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Scenario $101$:

Thomas is a $25\%$ partner in a partnership. The partnership incurred a net loss of $$540,000$ for the year, and Thomas's share of the loss is $$135,000.$ Thomas's initial basis in the partnership was $$240,000.$ He received a $$160,000$ cash distribution from the partnership. Thomas's other income includes:

Wages: $$255,000$

Interest and Dividend Income: $$25,000$

Itemized Deductions: $$130,000$

Allowable deduction for self$-$employment tax: None

How much of the partnership loss can Thomas deduct considering his basis, the at$-$risk limitations$,$ and passive activity loss rules?

How does the distribution affect his basis?

Calculate Thomas's Adjusted Gross Income $($AGI$)$

$.$

What is Thomas's Taxable Income?

What is Thomas's Total Tax Liability?

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