The TR Partnership had an ordinary operating loss of $48,000 for 2016. The partnership had...
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Accounting
The TR Partnership had an ordinary operating loss of $48,000 for 2016. The partnership had assets of $58,500 and liabilities of $15,000 at the end of the year. Before allocation of the loss, partner Ashford's one-third capital interest had an adjusted basis of $10,000 at the end of 2016. How much may Ashford deduct on his individual tax return as his share of the partnership loss in 2016?
a. $14,500
b. $10,000
c. $16,000
d. $15,000
e. None of the above
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