Perry is a partner in a calendar year partnership.His Schedule K-1 for the current tax year showed the following: Perry's tax basis in his partnership interest at the beginning of the year was $15,400.How much of the ordinary loss may he deduct on his Form 1040? Assume the excess business loss limitation does not apply.

Question

Perry is a partner in a calendar year partnership.His Schedule K-1 for the current tax year showed the following:  Perry's tax basis in his partnership interest at the beginning of the year was $15,400.How much of the ordinary loss may he deduct on his Form 1040? Assume the excess business loss limitation does not apply.

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The Answer of Perry is a partner in a calendar year partnership.His Schedule K-1 for the current tax year showed the following:  Perry's tax basis in his partnership interest at the beginning of the year was $15,400.How much of the ordinary loss may he deduct on his Form 1040? Assume the excess business loss limitation does not apply.

Perry Is a Partner in a Calendar Year Partnership