Ellen purchases a 20% partnership interest but does not participate in the partnership’s business. She owns no other passive investments. Her Section 704(d) basis in the partnership = $80,000. Of this amount, $70,000 is at risk. Ellen’s distributive share of the partnership’s loss for the current year =$60,000. Ellen can deduct:
a. $60,000 c. $70,000
b. $80,000 d. $0
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