#Scenario $2$: Thomas is a $25\%$ partner in a partnership. The partnership incurred a net loss of S

$200,000$ for the year, and Thomas's share of the loss is $$50,000.$ Thomas's initial basis in the partnership was

$$80,000.$ He received a $$20,000$ cash distribution from the partnership. Thomas's other income includes:

Wages: $$95,000$ Interest and Dividend Income: $$2,200$ Itemized Deductions: $$22,000$ Allowable deduction for

self $-$ employment tax: None How much of the partnership loss can Thomas deduct considering his basis, the

at $-$ risk limitations$,$ and passive activity loss rules? How does the distribution affect his basis? Calculate

Thomas's Adjusted Gross Income $($AGI$).$ What is Thomas's Taxable Income? What is Thomas's Total$$Tax

Liability?