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  1. business
  2. accounting
  3. 6. b invested $20,000 cash for a 55% interest in a

6. B invested $20,000 cash for a 55% interest in ABC Partnership. B materially participates...

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Accounting

6. B invested $20,000 cash for a 55% interest in ABC Partnership. B materially participates in the partnership's business and the partnership agreement states he liable for all of the partnership's debts. The only partnership debt at the year-end was a $17,000 loan from Cook bank. Partner B and the other general partner had a separate agreement that B's liability would not exceed $12,000. The partnership reported a $60,000 ordinary loss for the current year. Assuming there were no other adjustments to B's basis, what is the amount of B's deductible loss for the current year

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