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Tommy, a limited partner of ABC, LP, is allocated $20,000 of ordinary business loss from the partnership. Before the loss allocation, his tax basis is
Tommy, a limited partner of ABC, LP, is allocated $20,000 of ordinary business loss from the partnership. Before the loss allocation, his tax basis is $12,000 and his at-risk amount is $10,000. Tommy also has ordinary business income of $20,000 from Sean, LP, as a general partner and ordinary business income of $7,500 from Jared, LP as a limited partner. How much of the $20,000 loss from ABC LP can Tommy deduct currently after applying all tax limitations
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