Cassandra is a 10% limited partner in C&C, Ltd. Her basis in the interest is...
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Accounting
Cassandra is a 10% limited partner in C&C, Ltd. Her basis in the interest is $60,000 before loss allocations, including her $30,000 share of the partnerships nonrecourse debt. Cassandra is allocated an $80,000 (passive) loss from C&C and $20,000 of passive income. How much of the loss from C&C may Cassandra deduct?
a. $20,000
b. $30,000
c. $60,000
d. $80,000
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