Martin Is a Limited Partner in a Card Shop

question 77

Multiple Choice

Martin is a limited partner in a card shop. At the end of the partnership's tax year, Martin's basis in the partnership interest is $25,000 ($5,000 cash investment plus a $20,000 share of nonqualified nonrecourse financing) . Martin's distributive share of partnership losses for the tax year is $33,000. Martin has $30,000 of passive income this year from other activities. How much of the $33,000 partnership loss can be used by Martin in the year of the loss?

• A)$5,000
• B)$25,000
• C)$30,000
• D)$33,000

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Definitions:

Psychoneuroimmunology

The study of the interaction between psychological processes, the nervous system, and the immune system.

Immune System

The complex network of cells, tissues, and organs that work together to defend the body against harmful pathogens and disease.

Stress

The body's response to any demand or challenge, which can be caused by both positive and negative experiences and can affect an individual's mental and physical health.

Immune System

The complex network of cells, tissues, and organs that work together to defend the body against infections, diseases, and foreign substances.