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Question Content Area Michael is a limited partner in the MP Partnership. His allocable share...

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Accounting

Question Content Area Michael is a limited partner in the MP Partnership. His allocable share of losses for the year is $60,000. Michael has a $40,000 outside basis in the partnership. His amount at risk under IRC 465 is $30,000. Michael also has $25,000 of passive income from other partnerships. How much of the $60,000 loss can Michael utilize? $25,000 $0 $60,000 $40,000

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