Rubio recently invested $23,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $17,100. In addition, Rubio's share of the limited partnership loss for the year is $25,900, his share of income from a different limited partnership is $5,450, and he has $43,000 in wage income and $11,500 in long-term capital gains.

Rubio recently invested $23,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $17,100. In addition, Rubio's share of the limited partnership loss for the year is $25,900, his share of income from a different limited partnership is $5,450, and he has $43,000 in wage income and $11,500 in long-term capital gains.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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