Jenkins has a one-third capital and profits interest in the maverick general partnership. on january 1, year 1, maverick has $120,000 of general debt obligations and jenkins has a $50,000 tax basis (including his share of maverick’s debt) in his partnership interest. during the year, maverick incurred a $30,000 nonrecourse debt that is not secured by real estate. because maverick is a rental real estate partnership, jenkins is deemed to be a passive participant in maverick. his share of the maverick losses for year 1 is $75,000. jenkins is not involved in any other passive activities, and this is the first year he has been allocated losses from maverick