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Tropical Fruit Partnership is a calendar year general partnership with the following current year information: Operating loss $(5,100,000) Liabilities: Note payable, Big Bank 510,000 Note
Tropical Fruit Partnership is a calendar year general partnership with the following current year information: Operating loss $(5,100,000) Liabilities: Note payable, Big Bank 510,000 Note payable, Pineapple (individual) 340,000 On January 1 Coconut bought 60% of Tropical Fruit Partnership for $765,000. How much of the operating loss may Coconut deduct currently? Assume the excess business loss limitation does not apply. $969,000 O $1,360,000 $1,105,000 $1,275,000
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