Funky Chicken Is a Calendar Year General Partnership with the Following

question 82

Multiple Choice

Funky Chicken is a calendar year general partnership with the following current year information: $$\begin{array} { l r } \text { Operating loss } & \$ ( 300,000 ) \\\text { Liabilities: } & \\\text { Note payable, Big Bank } & \mathbf { 3 0 , 0 0 0 } \\\text { Note payable, June Cross } & \mathbf { 2 0 , 0 0 0 }\end{array}$$ On January 1 June Cross bought 60% of Funky Chicken for $45,000. She then loaned the partnership $20,000. How much of the operating loss may Cross deduct currently?

• A) $57,000
• B) $80,000
• C) $65,000
• D) $75,000

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Definitions:

Severe Fatigue

A state of extreme tiredness and exhaustion which can result from mental or physical effort or illness.

Social

Pertaining to human society, its organization, or the relationships among individuals within it.

Chronic Disease

A long-lasting condition that can be controlled but not cured, often requiring ongoing management over a period of years or decades.

Major Cause

The primary or most significant factor that contributes to a result or condition.