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At the beginning of the year, Jill's basis in her 40% limited partnership interest was...

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Accounting

At the beginning of the year, Jill's basis in her 40% limited partnership interest was $10,000. During the year, the partnership reported a loss of $90,000 and the partnership obtained a $40,000 recourse loan on some machinery.

How much loss may Jill deduct if she has $40,000 of passive income?

a) $10,000

b) $16,000

c) $26,000

d) $36,000

e) None of the above

Do not copy from chegg.

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