Juan Diego began the year with a tax basis in his partnership interest of $50,000. During the year, he was allocated $20,000 of partnership ordinary business income, $70,000 of 1231 losses, and $30,000 of short-term capital losses and received a cash distribution of $50,000. a) What items related to these allocations does Juan Diego actually report on his tax return for the year? [Hint: See Reg. 1.704-1(d)(2) and Rev. Rul. 66-94.] b) If any deductions or losses are limited, what are the carryover amounts and what is their character? [Hint: See Reg. 1.704-1(d).]
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