Tropical Fruit Partnership is a calendar year general partnership with the following current year information:...
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Accounting
Tropical Fruit Partnership is a calendar year general partnership with the following current year information:
Operating loss $(4,950,000)
Liabilities:
Note payable, Big Bank 495,000
Note payable, Pineapple (individual) 330,000
On January 1 Coconut bought 60% of Tropical Fruit Partnership for $742,500. How much of the operating loss may Coconut deduct currently? Assume the excess business loss limitation does not apply.
Group of answer choices
$1,237,500
$940,500
$1,072,500
$1,320,000
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