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How much of Alfonso loss limited by his tax basis

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Question - Alfonso began the year with a tax basis in his partnership interest of $30,000. His share of partnership debt at the beginning and end of the year consists of $4,000 of recourse debt and $6,000 of nonrecourse debt. During the year, he was allocated $40,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $1,000 of passive income from other sources.

How much of Alfonso's loss limited by his tax basis?

How much of Alfonso's loss is limited by his at-risk amount?

How much of Alfonso's loss is limited by the passive activity loss rules?

Reference no: EM132448956

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