Priya is a partner in a partnership. The partnership has incurred a loss for the year. Priya's ability to recognize the loss will be tested in the following order:
A) (1) excess business loss limitations, (2) basis limitations, (3) passive loss limitations.
B) (1) passive loss limitations, (2) basis limitations, (3) excess business loss limitations.
C) (1) basis limitations, (2) excess business loss limitations, (3) passive loss limitations.
D) (1) basis limitations, (2) passive loss limitations, (3) excess business loss limitations.
Correct Answer:
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