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Evan, after another fantasy football heartbreaking loss, purchases a 50% interest in a general partnership...

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Accounting

Evan, after another fantasy football heartbreaking loss, purchases a 50% interest in a general partnership for $40,000 cash and materially participates in the operation of the partnership for the entire year. The partnership has $60,000 in recourse liabilities when Evan enters the partnership. Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. During the year, the partnership incurs a $200,000 loss and a $40,000 increase in liabilities. How much of the loss can Evan report on his tax return for the current year?

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