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  3. ! required information [the following informatio

! Required information [The following information applies to the questions displayed below.] ...

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Accounting

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Required information
[The following information applies to the questions displayed below.]
Alfonso began the year with a tax basis in his partnership interest of $19,000. His share of partnership liabilities at the
beginning and end of the year consists of $6,000 of recourse liabilities and $10,000 of nonrecourse liabilities. During the
year, he was allocated $36,000 of partnership ordinary business loss. Alfonso does not materially participate in this
partnership, and he has $3,000 of passive income from other sources.
c. How much of Alfonso's loss is limited by the passive activity loss rules?
Loss limited by passive activity loss rules
$33,000 is incorrect
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