Larry recently invested $25,000 (tax basis) in purchasing a limited partnership interest in which he...
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Larry recently invested $25,000 (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 $25,000. In addition, Larry's share of the limited partnership loss for the year is $2,250, his share of income from a different limited partnership is $1100, and he has $3,500 of dividend income from the stock he owns. How much of Larry's $2,250 loss from the limited partnership can he deduct in the current year? Deductible loss
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