Kimball's basis in Planet Partnership was $60,000 at the beginning of the year. Kimball materially...
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Kimball's basis in Planet Partnership was $60,000 at the beginning of the year. Kimball materially participates in the partnerships business. Kimball received $20,000 in cash distributions during the year. Kimballs share of Planet's current operations was a $65,000 ordinary loss and a $15,000 net long-term capital gain. What is the amount of Kimball's deductible loss for the period? Group of answer choices
a. $15,000
b. 40,000
c. $55,000
d. $65,000
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