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The Summit Partnership has an ordinary loss of $78,000 for the year. Before allocation of the loss at the end of the year, Jesse's one-third
The Summit Partnership has an ordinary loss of $78,000 for the year. Before allocation of the loss at the end of the year, Jesse's one-third limited partnership interest has an adjusted basis of $15,000. Jesse's only other income or loss is his $60,000 salary from a factory job. What amount can Jesse deduct on his tax return as his share of the partnership's loss
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