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| The partnership of Spencer and Rey realized an ordinary loss of $42,000 in 2012. Both the partnership and the two partners are on a calendar-year basis. The partners materially participate in the partnership’s activities and share profits and losses equally. At December 31, 2012, Rey had an adjusted basis of $18,000 for his partnership interest before taking the 2012 loss into consideration. On his individual income tax return for 2012, Rey should deduct A. An ordinary loss of $18,000. B. A capital loss of $21,000. C. An ordinary loss of $18,000 and a capital loss of $3,000. D. An ordinary loss of $21,000. |