Tom Joad sells a limited partnership interest (without material participation) for a $900 capital gain in the current year. He has a suspended loss of $1,000 and a current year loss of $250 from this partnership interest. Which of the following describes the correct tax result in the current year? (Topic 8)

Question options:

	He will report his capital gain and he may deduct all of this losses
	He will report his gain and deduct his losses up to that amount of gain
	He will report the gain and deduct the current loss only
	None of the above