Cassandra Is a 10% Limited Partner in C&C, Ltd

question 58

Essay

Cassandra is a 10% limited partner in C&C, Ltd. Her basis in the interest is $60,000 before loss allocations, including her $30,000 share of the partnership's nonrecourse debt. (This debt is not qualified nonrecourse financing.) Cassandra is also a 10% limited partner in RSTU, in which her basis is $30,000. Cassandra is allocated an $80,000 loss from C&C, and $20,000 of income from RSTU. How much of the loss from C&C may Cassandra deduct? Under what Code provisions are the remaining losses suspended?

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Definitions:

Selective Perception

The process by which individuals perceive what they want to in media messages while ignoring opposing viewpoints.

Ethnic Minority

A group within a country or society that is distinguished from the majority by cultural, religious, linguistic, or racial characteristics, and often experiences differential treatment or marginalization.

Media

The various means of mass communication considered collectively, including television, radio, newspapers, and the internet, that disseminate information or entertainment to the public.

Racial Purity

A controversial and debunked concept often used to justify discriminatory practices, suggesting that certain races should remain "pure" and not intermix with others.