On January 1,2018,Jill Contributed $18,000 of Cash to the XYZ

Essay

On January 1,2018,Jill contributed $18,000 of cash to the XYZ limited partnership for a 25 percent limited partnership interest (without management rights).On April 6,2018,XYZ,limited partnership distributed $2,000 to Jill.For the year ended December 31,2018,Jill received the following income/loss allocations from her partnership investments: (1)XYZ,limited partnership allocated a $5,000 loss to Jill (2)ABC limited partnership allocated $2,300 of income to Jill.Jill is a limited partner in ABC with no management rights.How much of the $5,000 loss from XYZ limited partnership can Jill deduct in 2018?