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Required information Problem 20-73 (LO 20-6) (Algo) [The following information applies to the questions displayed...

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Accounting

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Required information Problem 20-73 (LO 20-6) (Algo) [The following information applies to the questions displayed below] Alfonso began the year with a tax basis in his partnership interest of $43,000. His share of partnership liabilities at the beginning and end of the year consists of $10,000 of recourse liabilities and $7,000 of nonrecourse liabilities. During the year, he was allocated $61,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership, and he has $3,000 of passive income from other sources. Problem 20-73 Part a (Algo) a. How much of Alfonso's loss is limited by his tax basis? Answer is complete but not entirely correct

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