Orange, Inc. is a calendar year partnership with the following current year information: Operating loss$(120,000)Liabilities: Note payable, City Bank 20,000 Note payable, Jack Crow 20,000 On January 1, John James bought 50% general interest in Orange, Inc. for $30,000. How much of the operating loss may John deduct on his Form 1040? Assume the excess business loss limitation does not apply.
A. $40,000
B. $30,000
C. $60,000
D. $50,000
Answer: D
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Indicate whether the statement is true or false
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What will be an ideal response?