During the current tax year, Joe is a partner in a plumbing business. His amount at-risk at
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During the current tax year, Joe is a partner in a plumbing business. His amount at-risk at the beginning of the year is $45,000. During the year, Joe’s share of loss is $60,000.
1. What is the amount of the loss that Joe may deduct for the current tax year?
2. If Joe has a profit of $31,000 in the following tax year, how much is taxable?
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