Tax Accounting ch6

Rubio recently invested $20,550 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $14,500. In addition, Rubios share of the limited partnership loss for the year is $25,100, his share of income from a different limited partnership was $8,200, and he had $42,800 in wage income and $16,600 in long-term capital gains. (Input all amounts as positive values.)

a. How much of Rubio's $25,100 loss is allowed considering only the tax basis loss limitations?

allowable loss-

b. How much of the loss from part (a) is allowed under the at-risk limitations?

allowable loss-

c. How much of Rubios $25,100 loss from the limited partnership can he deduct in the current year considering all limitations?

current year dedution-