The Gilpin Partnership Has an Operating Loss of $400,000 for the Current

question 37

Multiple Choice

The Gilpin Partnership has an operating loss of $400,000 for the current year. Hawkins is a general partner and owns a 40% interest in the partnership. At the beginning of the year, Hawkins' adjusted basis in the partnership interest is $30,000. During the year the partnership borrows $120,000 with a recourse note. How much of the partnership loss can Hawkins deduct on his current-year income tax return?

• A)$- 0 -
• B)$30,000
• C)$70,000
• D)$78,000
• E)$200,000

Recognize the significance of school and family collaboration for the holistic development of children.

Understand Epstein's framework of family involvement in educational contexts.

Understand the concept of funds of knowledge and how it relates to family involvement in education.

Describe the family empowerment model and its components.

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Definitions:

Solar Radiation

The electromagnetic energy emitted by the sun, including visible light, ultraviolet light, and infrared radiation, which warms the Earth and enables photosynthesis.

Earth's Axis

An imaginary line around which Earth rotates, extending between the North and South Poles.

Coral Reef Community

A diverse underwater ecosystem characterized by reef-building corals, which are colonies of tiny living animals found in marine waters containing few nutrients.

Shallow Water

Areas of water that are not deep, typically referring to parts of a body of water where sunlight can reach the bottom, influencing aquatic life and ecosystems.