Clint noticed that the Schedule K-1 he just received from ABC Partnership included a $20,100 ordinary business loss allocation.

Clint noticed that the Schedule K-1 he just received from ABC Partnership included a $20,100 ordinary business loss allocation. His tax basis in ABC at the beginning of ABC’s most recent tax year was $10,100. Comparing the Schedule K-1 he recently received from ABC with the Schedule K-1 he received from ABC last year, Clint noted that his share of ABC partnership debt changed as follows: recourse debt increased from $0 to $2,100, qualified nonrecourse debt increased from $0 to $3,100, and nonrecourse debt increased from $0 to $3,100. Finally, the Schedule K-1 Clint recently received from ABC reflected a $1,100 cash contribution he made to ABC during the year.

Clint is not a material participant in ABC partnership, and he received $10,100 of passive income from another investment during the same year he received the loss allocation from ABC. How much of the $20,100 loss from ABC can Clint deduct currently, and how much of the loss is suspended because of the tax basis, the at-risk, and the passive activity loss limitations?

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