How much of Jenna loss is limited by her tax basis

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Question - Jenna began the year with a tax basis of $41,000 in her partnership interest. Her share of partnership debt consists of $11,000 of recourse debt and $9,000 of nonrecourse debt at the beginning of the year and $11,000 of recourse debt and $11,000 of nonrecourse debt at the end of the year. During the year, she was allocated $52,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership and she has $3,000 of passive income from other sources.

a. How much of Jenna's loss is limited by her tax basis?

b. How much of Jenna's loss is limited by her at-risk amount?

c. How much of Jenna's loss is limited by the passive activity loss rules?

Reference no: EM132596909

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