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At the beginning of this year, Thomas and Claire were equal partners in a partnership that uses the calendar year as its tax year. On August 1, this year, Randy and Mike each contributed $50,000 cash for a 1/4 interest in the partnership. The interests of both Thomas and Claire drop to one- fourth. The partnership reports a $30,000 ordinary loss for the current tax year ending December 31. (Use the elective proration method with a monthly convention.)
What is the amount of loss allocated to each partner?
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The specific day on which an individual begins a new job, role, or responsibility, marking their entry into a new position.
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