(Answered) Question - at the beginning of the year jills basis in her

Accounting

Question - At the beginning of the year, Jill's basis in her 40% limited partnership interest was $10,000. During the year, the partnership reported a loss of $90,000 and the partnership obtained a $40,000 recourse loan on some machinery. How much loss may Jill deduct if she has $40,000 of passive income?

1. $10,000

2. $16,000

3. $26,000

4. $36,000

5. None of the above

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