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

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Definitions:

Global Structures

refers to the large-scale patterns and systems that affect individuals and societies worldwide, including economic, political, and cultural dimensions.

Mesostructures

Intermediate-scale structures or frameworks that exist between the macro and micro levels, such as community organizations or networks.

Microstructures

The small-scale, intricate social, physical, or biological arrangements and patterns that make up a larger system or society.

Sociological Imagination

The ability to see the relationship between individual experiences and larger social influences.