John, a limited partner of Candy Apple, LP, is allocated $29,500 of ordinary business loss...
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Accounting
John, a limited partner of Candy Apple, LP, is allocated $29,500 of ordinary business loss from the partnership. Before the loss allocation, his tax basis is $19,500 and at-risk amount is $9,500. John also has ordinary business income of $19,500 from Sweet Pea, LP as a general partner and ordinary business income of $5,500 from Red Tomato, as a limited partner. How much of the $29,500 loss from Candy Apple can John deduct currently?
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