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How much of the ordinary loss may merv deduct

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Problem 1: Merv has a basis in his ABC General Partnership interest on January? 1, 2019 of? $80,000. He materially participates in the? partnership, and therefore the passive activity loss rules do not apply. Merv received a? k-1 showing his share of partnership short term capital gains of? $10,000 ?, his share tax exempt income of ?$20,000 and his share of ordinary loss of? $120,000. How much of the ordinary loss may Merv deduct on his 2019 federal income tax return??

A. ?$120,000
B. ?$110,000
C. ?$80,000
D. ?$90,000

Reference no: EM132842404

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