Perry Is a Partner in a Calendar Year Partnership

question 14

Multiple Choice

Perry is a partner in a calendar year partnership.His Schedule K-1 for the current tax year showed the following: Perry's tax basis in his partnership interest at the beginning of the year was $15,400.How much of the ordinary loss may he deduct on his Form 1040?

• A)$11,700
• B)$14,000
• C)$10,200
• D)$13,300

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Definitions:

Pervasive Developmental

Refers to a group of disorders characterized by delays in the development of socialization and communication skills, including autism.

Childhood Disintegrative

A rare condition characterized by late onset (usually after at least two years of normal development) of developmental delays in language, social function, and motor skills.

Repetitive Manner

Performing actions or behaviors over and over again in a consistent and unvarying way.

Self-Stimulatory Behaviors

Repetitive actions or movements, often seen in individuals with developmental disorders, that are used for self-soothing or sensory stimulation.