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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
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 $247,500. How much of the operating loss may Coconut deduct currently? Assume the excess business loss limitation does not apply. $412,500 $440,000 $313,500 $357,500
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