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Riley owned an interest in several limited partnerships in

Question - Riley owned an interest in several limited partnerships in 2016. Gains and losses passed through to Riley are as follows.

Partnership Date Acquired Allocated Gain (Loss)

STEW 101 3/26/84 $30,000

STEW 102 5/19/86 (30,000)

STEW 103 11/13/88 (5,000)

STEW 104 1/08/89 (6,000)

STEW 105 7/11/90 23,000

(a) What is Riley'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: Riley owned an interest in several limited partnerships in

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