In 2018, Liam Invested $100,000 for a 25% Interest in a Partnership

question 110

Multiple Choice

In 2018, Liam invested $100,000 for a 25% interest in a partnership involved in an activity in which he is a material participant. The partnership reported losses of $340,000 in 2018 and $180,000 in 2019 with Liam's share being $85,000 in 2018 and $45,000 in 2019. How much of the losses can Liam deduct?

• A) $0 in 2018, $0 in 2019.
• B) $85,000 in 2018, $0 in 2019.
• C) $85,000 in 2018, $15,000 in 2019.
• D) $85,000 in 2018, $45,000 in 2019.
• E) None of the above.

Describe the scope and limitations of agency discretionary powers, especially regarding information disclosure.

Distinguish between legislative, interpretive, procedural, and hybrid rules issued by administrative agencies.

Grasp the Congressional oversight mechanisms on administrative agency rulemaking.

Understand the standards of judicial review applicable to agency decisions.

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