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Kathleen cavanaugh owned an interest in several limited

Question - Kathleen Cavanaugh owned an interest in several limited partnerships in 2016. Gains and losses are as follows for 2016.

Partnership Date Acquired Allocated Gain (Loss)

O & G 1 3/26/84 $10,000

O & G 2 5/19/86 (30,000)

O & G 3 11/13/88 (5,000)

O & G 4 1/08/89 (6,000)

O & G 5 7/11/90 20,000

(a) What is Kathleen's net passive loss for 2016?

(b) How much of the loss may be deducted against active and portfolio income?

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Accounting Basics: Kathleen cavanaugh owned an interest in several limited

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