Rubio recently invested $24,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $18,150. In addition, Rubio's share of the limited partnership loss for the year is $27,850, his share of income from a different limited partnership is $5,675, and he has $44,500 in wage income and $12,250 in long-term capital gains. Problem 7-60 Part-b (Algo) b. How much of Rubio's $27,850 loss is allowed under the at-risk limitations? Loss allowed as per at-risk limitation Rubio recently invested $24,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $18,150. In addition, Rubio's share of the limited partnership loss for the year is $27,850, his share of income from a different limited partnership is $5,675, and he has $44,500 in wage income and $12,250 in long-term capital gains. Problem 7-60 Part-c (Algo) c. How much of Rubio's $27,850 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss
Rubio recently invested $24,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $18,150. In addition, Rubio's share of the limited partnership loss for the year is $27,850, his share of income from a different limited partnership is $5,675, and he has $44,500 in wage income and $12,250 in long-term capital gains. Problem 7-60 Part-b (Algo) b. How much of Rubio's $27,850 loss is allowed under the at-risk limitations? Loss allowed as per at-risk limitation Rubio recently invested $24,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $18,150. In addition, Rubio's share of the limited partnership loss for the year is $27,850, his share of income from a different limited partnership is $5,675, and he has $44,500 in wage income and $12,250 in long-term capital gains. Problem 7-60 Part-c (Algo) c. How much of Rubio's $27,850 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 30P
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Transcribed Image Text:Rubio recently invested $24,500 (tax basis) in purchasing a limited partnership
interest in which he will have no management rights in the company. His at-risk
amount is $18,150. In addition, Rubio's share of the limited partnership loss for the
year is $27,850, his share of income from a different limited partnership is $5,675,
and he has $44,500 in wage income and $12,250 in long-term capital gains.
Problem 7-60 Part-b (Algo)
b. How much of Rubio's $27,850 loss is allowed under the at-risk limitations?
Loss allowed as per at-risk limitation
Transcribed Image Text:Rubio recently invested $24,500 (tax basis) in purchasing a limited partnership
interest in which he will have no management rights in the company. His at-risk
amount is $18,150. In addition, Rubio's share of the limited partnership loss for the
year is $27,850, his share of income from a different limited partnership is $5,675,
and he has $44,500 in wage income and $12,250 in long-term capital gains.
Problem 7-60 Part-c (Algo)
c. How much of Rubio's $27,850 loss from the limited partnership can he deduct in the current year
considering all limitations?
Deductible loss
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