Required Information

Problem $20-75($LO $20-5,$ LO $20-6)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Juan Diego began the year with a tax basis in his partnership interest of $$53,000.$ During the year, he was allocated $$21,200$ of partnership ordinary business income, $$74,200$ of $$1231$ losses, and $$31,800$ of short$-$term capital losses and received a cash distribution of $$53,000.$

Note: Do not round intermedlate calculations.

Problem $20-75$ Part a $($Algo$)$

a$.$ What items related to these allocations does Juan Diego actually report on his tax return for the year? $[$Hint$.$ See Regulations $$1\mathrm{.}704-1($d$)(2)$ and Revenue Rule $66-94.]$

Amount

Deducted

Juan Diego began the year with a tax basis in his partnership interest of $$53,000.$ During the year, he was allocated $$21,200$ of partnership ordinary business income, $$74,200$ of $$1231$ losses, and $$31,800$ of short$-$term capital losses and received a cash distribution of $$53,000.$

Note: Do not round Intermedlate calculations.

Problem $20-75$ Part a $($Algo$)$

a$.$ What items related to these allocations does Juan Diego actually report on his tax return for the year? $[$Hint$.$ See Regulations $$1\mathrm{.}704-1($d$)(2)$ and Revenue Rule $66-94.]$

$\backslash$table$[[,\backslash$table$[[$Amount$],[$Deducted$],[$Currently$]]],[$$$1231$ losses,$$,7,865],[$Short$-$term capital losses,$$,21,200]]$