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thanks John, a limited partner of Candy Apple, LP, Is allocated $36,500 of ordinary business loss from the partnership. Before the loss allocatlon, his tax
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John, a limited partner of Candy Apple, LP, Is allocated $36,500 of ordinary business loss from the partnership. Before the loss allocatlon, his tax basis is $26,500 and his at-risk amount is $16,500. John also has ordinary business Income of $26,500 from Sweet Pea, LP, as a general partner and ordinary business Income of $9,100 from Red Tomato as a Imited partner. How much of the $36,500 loss from Candy Apple can John deduct currently? Multiple Choice $9,100 $16,500 $27,400 $36,500Step by Step Solution
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