At the beginning of the year, Jill's basis in her 40 percent limited partnership interest was $10,000.During the year, the partnership reported a loss of $90,000 and the partnership obtained a $40,000 recourse loan on some machinery.How much loss may Jill deduct if she has $40,000 of passive income?
A)$10,000
B)$16,000
C)$26,000
D)$36,000

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The Answer of At the beginning of the year, Jill's basis in her 40 percent limited partnership interest was $10,000.During the year, the partnership reported a loss of $90,000 and the partnership obtained a $40,000 recourse loan on some machinery.How much loss may Jill deduct if she has $40,000 of passive income?
A)$10,000
B)$16,000
C)$26,000
D)$36,000

At the Beginning of the Year, Jill's Basis in Her