Orange,Inc.is a calendar year partnership with the following current year information: On January 1,John James bought 50% general interest in Orange,Inc.for $30,000.How much of the operating loss may John deduct on his Form 1040? Assume the excess business loss limitation does not apply.

Question

Orange,Inc.is a calendar year partnership with the following current year information:  On January 1,John James bought 50% general interest in Orange,Inc.for $30,000.How much of the operating loss may John deduct on his Form 1040? Assume the excess business loss limitation does not apply.

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The Answer of Orange,Inc.is a calendar year partnership with the following current year information:  On January 1,John James bought 50% general interest in Orange,Inc.for $30,000.How much of the operating loss may John deduct on his Form 1040? Assume the excess business loss limitation does not apply.