In 2013 gregory invested 10000 in a cattle-feeding, Ask an Expert

Accounting

In 2013, Gregory invested $10,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $100,000 of feed, which was used to feed the cattle and expensed. If Gregory's share of the expense was $20,000, what is the most that Gregory can deduct in 2013?

a. $10,000

b. $20,000

c. $30,000

d. $100,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M941544

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