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Problem 6-34 (LO 6-2) (Algo) Larry recently invested $26,500 (tax basis) in purchasing a limited partnership...

Problem 6-34 (LO 6-2) (Algo)

Larry recently invested $26,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $26,500. In addition, Larry’s share of the limited partnership loss for the year is $2,325, his share of income from a different limited partnership is $1,130, and he has $3,650 of dividend income from the stock he owns. How much of Larry’s $2,325 loss from the limited partnership can he deduct in the current year?

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Answer #1
Larry's Tax Basis 26500
At-risk Amount 26500
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Hence, Basis and At-risk hurdles don't apply.
Larry's Passive Income 1130
Larry's Passive Loss 2325
Deductible in the Current Year 1130
Carried Forward for future years 1130
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