Rubio recently invested $31,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $23,050. In addition, Rubio's share of the limited partnership loss for the year is $36.950, his share of income from a different limited partnership is $6,725, and he has $51,500 in wage income and $15,750 in long-term capital gains. Problem 7-60 Part-c (Algo) c. How much of Rubio's $36,950 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss
Rubio recently invested $31,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $23,050. In addition, Rubio's share of the limited partnership loss for the year is $36.950, his share of income from a different limited partnership is $6,725, and he has $51,500 in wage income and $15,750 in long-term capital gains. Problem 7-60 Part-c (Algo) c. How much of Rubio's $36,950 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 7-60 (LO 7-4) (Algo)
[The following information applies to the questions displayed below.)
Rubio recently invested $31,500 (tax basis) in purchasing a limited partnership interest in which he will have no
management rights in the company. His at-risk amount is $23,050. In addition, Rubio's share of the limited partnership loss
for the year is $36.950, his share of income from a different limited partnership is $6,725, and he has $51,500 in wage
income and $15,750 in long-term capital gains.
Problem 7-60 Part-c (Algo)
c. How much of Rubio's $36,950 loss from the limited partnership can he deduct in the current year considering all limitations?
Deductible loss
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