After applying the at-risk and passive loss limits, a single taxpayer had combined flow-through losses from his investments in partnerships and S corporations equal to ($400,000). Assuming he has other income totaling $750,000, Steve may deduct the entire ($400,000) since it passed the at-risk and passive loss limits. True/ false

true/false: a single taxpayer, is a partner in ABC Co. ABC reports her share of its ordinary income for 2018 at $50,000, and her share of LTCGs at $10,000. Assuming her taxable income for 2018 (including the above items) is $100,000, she is entitled to a deduction for Qualified Business Income of $10,000.

Answer rating: 100% (QA)

1 True The Internal Revenue Code limits the number of losses an S corporation shareholder may claim in a given tax year Three primary loss limitations ... View the full answer