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Tropical Fruit Partnership is a calendar year general partnership with the following current year information:...

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Accounting

Tropical Fruit Partnership is a calendar year general partnership with the following current year information:

Operating loss $(4,950,000)

Liabilities:

Note payable, Big Bank 495,000

Note payable, Pineapple (individual) 330,000

On January 1 Coconut bought 60% of Tropical Fruit Partnership for $742,500. How much of the operating loss may Coconut deduct currently? Assume the excess business loss limitation does not apply.

Group of answer choices

$1,237,500

$940,500

$1,072,500

$1,320,000

Answer & Explanation Solved by verified expert
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