On January 1, 2019, Jill contributed $18,000 of cash to the XYZ Limited Partnership for a 25 percent limited partnership interest (without management rights).On April 6, 2019, XYZ Limited Partnership distributed $2,000 to Jill.For the year ended December 31, 2019, Jill received the following income/loss allocations from her partnership investments: (1)XYZ Limited Partnership allocated a $5,000 loss to Jill (2)ABC Limited Partnership allocated $2,300 of income to Jill.Jill is a limited partner in ABC with no management rights.How much of the $5,000 loss from XYZ Limited Partnership can Jill deduct in 2019?

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The Answer of On January 1, 2019, Jill contributed $18,000 of cash to the XYZ Limited Partnership for a 25 percent limited partnership interest (without management rights).On April 6, 2019, XYZ Limited Partnership distributed $2,000 to Jill.For the year ended December 31, 2019, Jill received the following income/loss allocations from her partnership investments: (1)XYZ Limited Partnership allocated a $5,000 loss to Jill (2)ABC Limited Partnership allocated $2,300 of income to Jill.Jill is a limited partner in ABC with no management rights.How much of the $5,000 loss from XYZ Limited Partnership can Jill deduct in 2019?

On January 1, 2019, Jill Contributed $18,000 of Cash to the XYZ