George is a limited partner in the GLH Partnership. His basis is $40,000 before considering the current year operations and includes a $20,000 recourse debt share and a $10,000 nonrecourse debt share. The nonrecourse debt is not treated as qualified nonrecourse financing. GLH reported a $200,000 loss for the year of which George's 40% share is $80,000. George has passive income of $50,000 from another activity (not eligible for the special real estate deduction). He has no business losses for the year from other sources. How much of the $80,000 GLH loss can George deduct this year?
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George is a limited partner in the GLH Partnership. His basis is $40,000 before considering the curr...
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