Multiple Choice
George is a limited partner in the GLH Partnership.His basis is $40,000 before considering the current year operations,and includes a $20,000 recourse debt share and a $10,000 nonrecourse debt share.The nonrecourse debt is not treated as qualified nonrecourse financing.GLH reported a $200,000 loss for the year,of which George's 40% share is $80,000.George has passive income of $50,000 from another activity (not eligible for the special real estate deduction) .How much of the $80,000 loss can George deduct this year?
A) $0.
B) $30,000.
C) $40,000.
D) $50,000.
E) $80,000.
Correct Answer:
Verified
Correct Answer:
Verified
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