[The following information applies to the questions displayed below.] Juan Diego began the year with a tax basis in his partnership interest of $52,000. During the year, he was allocated $20,800 of partnership ordinary business income, $72,800 of 1231 losses, and $31,200 of short-term capital losses and received a cash distribution of $52,000. Note: Do not round intermediate calculations. Problem 09-75 Part a (Algo) a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint. See Regulations $1.704 1(d)(2) and Revenue Rule 66-94.] b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint. See Regulations 1.704 1(d).] [The following information applies to the questions displayed below.] Juan Diego began the year with a tax basis in his partnership interest of $52,000. During the year, he was allocated $20,800 of partnership ordinary business income, $72,800 of 1231 losses, and $31,200 of short-term capital losses and received a cash distribution of $52,000. Note: Do not round intermediate calculations. Problem 09-75 Part a (Algo) a. What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint. See Regulations $1.704 1(d)(2) and Revenue Rule 66-94.] b. If any deductions or losses are limited, what are the carryover amounts, and what is their character? [Hint. See Regulations 1.704 1(d).]