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What amount can Arneldo claim as a loss

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Reference no: EM132935908

Question - Arneldo Kearlbaum has a 20 percent interest in a partnership and he materially participates in the partnership's business. Arneldo's adjusted basis in the partnership was $29,000 at the beginning of 2020. During 2020, the partnership borrowed $70,000 to purchase equipment. All of the partners are personally liable for all partnership debts. The partnership sustained a $242,000 loss in 2020. What amount can Arneldo claim as a loss from the partnership on his 2020 individual return?

Reference no: EM132935908

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