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In 2013,Kipp invested $65,000 for a 30% interest in a partnership conducting a passive activity.The partnership reported losses of $200,000 in 2013 and $100,000 in 2014,Kipp's share being $60,000 in 2013 and $30,000 in 2014.How much of the losses from the partnership can Kipp deduct assuming he owns no other investments and does not participate in the partnership's operations?
Plate Tectonics
A scientific theory describing the large-scale motion of seven large plates and the movements of a larger number of smaller plates of Earth's lithosphere, which has caused the geographical features we see today.
Rock Layers
Horizontal or nearly horizontal strata of sedimentary rock, each distinct from the layers above and below it, illustrating Earth's geological history.
Stable Isotope
Non-radioactive forms of atoms that have the same number of protons but a different number of neutrons, used in various scientific applications to study and trace processes.
Radiometric Dating
A method for determining the age of an object containing organic material by measuring the levels of various isotopes within it.
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