Purchasing limited partnership interest

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Reference no: EM131257664

Rubio recently invested $25,600 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $18,500. In addition, Rubio’s share of the limited partnership loss for the year is $28,650, his share of income from a different limited partnership was $8,350, and he had $50,800 in wage income and $19,800 in long-term capital gains. (Input all amounts as positive values.)

a. How much of Rubio's $28,650 loss is allowed considering only the tax basis loss limitations? Allowable Loss _______

b. How much of the loss from part (a) is allowed under the at-risk limitations? Allowable Loss _______

c. How much of Rubio’s $28,650 loss from the limited partnership can he deduct in the current year considering all limitations? Current Year deduction_______.

Reference no: EM131257664

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