Candi purchased a 10 percent limited partnership interest in rental property for $30,000. The partnership has a $1,300,000 mortgage that is secured by the building. During the current year, the partnership reports a total loss of $200,000 from the rental building. What is Candi’s deductible loss and the amount of her loss carryover if her only other income/loss items are $50,000 in salary, an $8,000 capital loss on some stock, and $5,000 of bond interest income?
Total Loss of partnershipShare of Candi in the lossAmount of loss to be set off from interest income from bondAmount of interest IncomeSet off amount of lossCarry forward loss( share in…
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