During 2013,Jay is a partner in an automobile dealership.Jay's amount at risk at the beginning of the year is $90,000,and during 2013 Jay's share of the dealership's ordinary loss is $120,000.
a.What is the amount of the loss from the automobile dealership that Jay may deduct in 2013?
b.If the dealership has a profit of $63,000 in 2014,how much of the 2014 income is taxable to Jay?

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The Answer of During 2013,Jay is a partner in an automobile dealership.Jay's amount at risk at the beginning of the year is $90,000,and during 2013 Jay's share of the dealership's ordinary loss is $120,000.
a.What is the amount of the loss from the automobile dealership that Jay may deduct in 2013?
b.If the dealership has a profit of $63,000 in 2014,how much of the 2014 income is taxable to Jay?

During 2013,Jay Is a Partner in an Automobile Dealership