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Larry recently invested $23,500 (tax basis) in purchasing a limited partnership interest in which he...

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Accounting

Larry recently invested $23,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is also $23,500. In addition, Larry's share of the limited partnership loss for the year is $2,175, his share of income from a different limited partnership is $1,070, and he has $3,350 of dividend income from the stock he owns. How much of Larry's $2,175 loss from the limited partnership can he deduct in the current year?

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