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If James?s share of the expense was $50,000, what is the most that James can deduct in 2014

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In 2014, James invested $30,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $70,000 of feed, which was used to feed the cattle and expensed. If James?s share of the expense was $50,000, what is the most that James can deduct in 2014?;a. $20,000;b. $30,000;c. $50,000;d. $70,000

 

Paper#25586 | Written in 18-Jul-2015

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