Cindy is a 5% limited partner in C&C,Ltd.Her basis in the interest is $30,000 before loss allocations,including her $10,000 share of the partnership's nonrecourse debt.(This debt is not qualified nonrecourse financing. )Cindy is also a 10% limited partner in RSTU,in which her basis is $20,000.Cindy is allocated a $40,000 loss from C&C,and $10,000 of income from RSTU.How much of the loss from C&C may Cindy deduct? Under what Code provisions are the remaining losses suspended?

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The Answer of Cindy is a 5% limited partner in C&C,Ltd.Her basis in the interest is $30,000 before loss allocations,including her $10,000 share of the partnership's nonrecourse debt.(This debt is not qualified nonrecourse financing. )Cindy is also a 10% limited partner in RSTU,in which her basis is $20,000.Cindy is allocated a $40,000 loss from C&C,and $10,000 of income from RSTU.How much of the loss from C&C may Cindy deduct? Under what Code provisions are the remaining losses suspended?

Cindy Is a 5% Limited Partner in C&C,Ltd