The Troika Partnership had an ordinary operating loss of $48,000 for 2013. The partnership had assets of

Question:

The Troika had an ordinary operating loss of $48,000 for 2013. The had assets of $58,500 and liabilities of $15,000 at the end of the year. Before allocation of the loss or consideration of the liabilities, partner Ashford's one-third capital interest had an adjusted basis of $10,000 at the end of 2013. How much may Ashford deduct on his individual tax return as his share of the loss in 2013?
a. $14,500
b. $10,000
c. $16,000
d. $15,000
e. None of the above
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...