Chapter 7 Homework Assignment i Saved Help Save & Exit Submit Check my work 16 Part 1 of 3 Required information Problem 7-60 (LO 7-4) (Algo) [The following information applies to the questions displayed below.) 1.11 points Rubio recently invested $28,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $20,950. In addition, Rubio's share of the limited partnership loss for the year is $33,050, his share of income from a different limited partnership is $6,275, and he has $48,500 in wage income and $14,250 in long-term capital gains. eBook Print Problem 7-60 Part-a (Algo) 10 References a. How much of Rubio's $33,050 loss is allowed considering only the tax-basis loss limitations? Loss allowed as per tax basis loss limitation Chapter 7 Homework Assignment i Saved Help Save & Exit Submit Check my work 17 Part 2 of 3 Required information Problem 7-60 (LO 7-4) (Algo) [The following information applies to the questions displayed below.) 1.11 points Rubio recently invested $28,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $20,950. In addition, Rubio's share of the limited partnership loss for the year is $33,050, his share of income from a different limited partnership is $6,275, and he has $48,500 in wage income and $14,250 in long-term capital gains. eBook Print Problem 7-60 Part-b (Algo) References b. How much of the loss from part (a) is allowed under the at-risk limitations? Loss allowed as per at-risk limitation Chapter 7 Homework Assignment i Saved Help Save & Exit Submit Check my work 18 Part 3 of 3 Required information Problem 7-60 (LO 7-4) (Algo) [The following information applies to the questions displayed below.) 1.13 points Rubio recently invested $28,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $20,950. In addition, Rubio's share of the limited partnership loss for the year is $33,050, his share of income from a different limited partnership is $6,275, and he has $48,500 in wage income and $14,250 in long-term capital gains. eBook Print Problem 7-60 Part-c (Algo) 10 References c. How much of Rubio's $33,050 loss from the limited partnership can he deduct in the current year considering all limitations? Deductible loss