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How much of Alfonsos loss is limited by his tax basis

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Question - Alfonso began the year with a tax basis in his partnership interest of $48,000. His share of partnership debt at the beginning and end of the year consists of $4,000 of recourse debt and $4,000 of nonrecourse debt. During the year, he was allocated $62,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $3,000 of passive income from other sources. How much of Alfonso's loss is limited by his tax basis?

Reference no: EM132520071

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