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grin007 [14]
3 years ago
5

Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $15,000. In addi

tion, Rubio’s share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership was $5,000, and he had $40,000 in wage income and $10,000 in long-term capital gains.
. How much of Rubio’s $22,000 loss is allowed considering only the tax basis loss limitations?


How much of the loss from part (a) is allowed under the at-risk limitations?


ow much of Rubio’s $22,000 loss from the limited partnership can he deduct in the current year considering all limitations?
Business
1 answer:
Sindrei [870]3 years ago
7 0

Answer:

Please see attachment .

Explanation:

Please see attachment .

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3 years ago
Art, Inc., has 2,500 shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock out
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Answer:

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Explanation:

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In 2017 out of 22500, 15000 (12500 + 2500) dividendd is paid to preference share holders.

The amount of dividend received by common stockholders in 2017 = 22500 - 15000 = $7500

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Korvikt [17]

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