Jay has a tax basis of $26,000 in his partnership interest at the beginning of the partnership tax year. the following amounts of partnership debt were allocated to jay and are included in his beginning-of-the-year tax basis: (1) recourse debt—$15,000, (2) qualified nonrecourse debt—$3,000, and (3) nonrecourse debt—$1,700. there were no changes to the debt allocated to jay during the tax year. if jay is allocated a $29,000 loss for the current year, how much of the loss will be suspended under the tax basis and at-risk limitations?

Answer

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Explanation  

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