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****** Scenario 110: Thomas is a 20% partner in...

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Accounting

******
Scenario 110:
Thomas is a 20% partner in a partnership. The partnership incurred a net loss of $630,000 for the year, and Thomas's share of the loss is $126,000. Thomas's initial basis in the partnership was $285,000. He received a $250,000 cash distribution from the partnership. Thomas's other income includes:
Wages: $300,000
Interest and Dividend Income: $34,000
Itemized Deductions: $175,000
Allowable deduction for self-employment tax: None
How much of the partnership loss can Thomas deduct considering his basis, the at-risk limitations, and passive activity loss rules?
How does the distribution affect his basis?
Calculate Thomas's Adjusted Gross Income (AGI).
What is Thomas's Taxable Income?
What is Thomas's Total Tax Liability?
***I have posted same question for multiple times and received wrong and chatgpt answer.Dont answer by question i will give 19 downvotes***

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