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Required information Problem 6-36(LO 6-2)(Algo) Skip to question [The...

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Accounting

Required information
Problem 6-36(LO 6-2)(Algo)
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[The following information applies to the questions displayed below.]
Rubio recently invested $32,000(tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $23,400. In addition, Rubio's share of the limited partnership loss for the year is $37,600, his share of income from a different limited partnership is $6,800, and he has $52,000 in wage income and $16,000 in long-term capital gains.
Problem 6-36 Part-a (Algo)
a. How much of Rubio's $37,600 loss is allowed considering only the tax-basis loss limitations?

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