Tropical Fruit Partnership is a calendar year general partnership with the following current year information: Operating loss Liabilities: Note payable, Big Bank Note payable, Pineapple (individual) 140,000 $399,000 On January 1 Coconut bought 60% of Tropical Fruit Partnership for $315,000. How much of the operating loss may Coconut deduct currently? Assume the excess business loss limitation does not apply. $455,000 $(2,100,000) $525,000 $560,000 210,000

Tropical Fruit Partnership is a calendar year general partnership with the following current year information: On January 1 Coconut bought 60% of Tropical Fruit Partnership for $315,000. How much of the operating loss may Coconut deduct currently? Assume the excess business loss limitation does not apply. $399,000 $455,000 $525,400 $560,000