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

a Rubios initial tax basis in the limited partnership is 20000 Rubios 22000 loss reduces his ...

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

Question:

Rubio recently invested $20,000 (tax basis) in purchasing a limited interest. His at-risk amount is $15,000. In addition, Rubio's share of the limited loss for the year is $22,000, his share of income from a different limited was $5,000, and he had $40,000 in wage income and $10,000 in long-term capital gains.
a. How much of Rubio's $22,000 loss can he deduct considering only the tax basis limitation?
b. How much of the loss from part a. can Rubio deduct under the at-risk limitations?
c. How much of Rubio's $22,000 loss from the limited can he deduct in the current year considering all limitations?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...