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Rubio recently invested $17,200 (tax basis) in purchasing a limited partnership interest in which he will...

Rubio recently invested $17,200 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $10,500. In addition, Rubio’s share of the limited partnership loss for the year is $19,900, his share of income from a different limited partnership is $8,050, and he has $50,400 in wage income and $16,300 in long-term capital gains. (Input all amounts as positive values.)

a. How much of Rubio's $19,900 loss is allowed considering only the tax-basis loss limitations?

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

c. How much of Rubio’s $19,900 loss from the limited partnership can he deduct in the current year considering all limitations?

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