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#Scenario 2: Thomas is a 25% partner in a partnership. The partnership incurred a net...

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Accounting

#Scenario 2: Thomas is a 25% partner in a partnership. The partnership incurred a net loss of S
200,000 for the year, and Thomas's share of the loss is $50,000. Thomas's initial basis in the partnership was
$80,000. He received a $20,000 cash distribution from the partnership. Thomas's other income includes:
Wages: $95,000 Interest and Dividend Income: $2,200 Itemized Deductions: $22,000 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 TotalTax
Liability?

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