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How much of the second year losses can sharon deduct

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Question 1: Sharon invested 8,000 cash in ABC Partnership for a 30% general partnership interest. In its first year of operations, ABC lost $15,000. In its second year of operations, ABC lost an additional $14,000. How much of the second year's losses can Sharon deduct in that year? (calculate step by step, correct answer should be $3500)

Reference no: EM132608201

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