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?

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?

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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?