Question - 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