ie invested $7,000 in the ABC Limited Partnership and received a 10 percent interest in...
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ie invested $7,000 in the ABC Limited Partnership and received a 10 percent interest in the partnership. The partnership had $24,000 of qualified onrecourse debt and $24,000 of debt she is not responsible to repay because she is a limited partner. Sue is allocated a 10 percent share of both ypes of debt resulting in a tax basis of $11,800 and an at risk amount of $9,400. During the year, ABC LP generated a ( $118,000) loss. How much of iue's loss is disallowed due to her tax basis or at-risk amount? Multiple Choice Zero; all of her loss is allowed to be deducted. $2,400 disallowed because of her at-risk amount. $2,800 disallowed because of her tax basis. $4,800 disallowed because of her tax basis. $4,800 disallowed because of her at-risk amount
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ie invested $7,000 in the ABC Limited Partnership and received a 10 percent interest in the partnership. The partnership had $24,000 of qualified onrecourse debt and $24,000 of debt she is not responsible to repay because she is a limited partner. Sue is allocated a 10 percent share of both ypes of debt resulting in a tax basis of $11,800 and an at risk amount of $9,400. During the year, ABC LP generated a ( $118,000) loss. How much of iue's loss is disallowed due to her tax basis or at-risk amount? Multiple Choice Zero; all of her loss is allowed to be deducted. $2,400 disallowed because of her at-risk amount. $2,800 disallowed because of her tax basis. $4,800 disallowed because of her tax basis. $4,800 disallowed because of her at-risk amount 