d. If both Ray and Chuck are single and Ray has a current-year loss of $21,000 from a sole proprietorship, how much trade or business loss can each deduct on their tax return

The business loss that Ray incurred from his sole proprietorship does not affect Chuck his business partner in a partnership.

So, Ray is entitled to deduct the loss of $21,000 from his other income as he prepares the IRS forms.  We assume that his partnership business with Chuck produced a profit, so Ray can deduct the loss from his partnership income.

Explanation:

The IRS allows Ray to deduct the $21,000 sole proprietorship loss on Form 1040 against any other income he has such as salary, investment, partnership, or S corporation income.

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