Pedro owns a 50% interest in a limited partnership that operates an apartment complex. During the current year, the partnership generates a taxable rental loss of $42,000 . Pedro's other sources of income are salary of $55,000 and interest of $18,000 . What is Pedro's allowable loss from the apartment?
a. $ - 0 -
b. $18,000
c. $21,000
d. $25,000
e. None of the above.
a
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