Cassandra is a 10% limited partner in C&C, Ltd. Her basis in the partnership is $60,000 and
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Question:
Cassandra is a 10% limited partner in C&C, Ltd. Her basis in the partnership is $60,000 and she has an at risk investment of $30,000. She also has a passive income from another investment of $20,000. Cassandra allocated share of C & C loss for the year is $80,000. How much of the loss from C&C may Cassandra deduct?
Expert Answer:
Cassandras 80000 loss from CC is first limited by the basis rules of 704d 20000 of the los... View the full answer
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