Rubio recently invested $32,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $23,400 In addition, Rubio's share of the limited partnership loss for the year is $37,600, his share of income from a different limited partnership is $6,800, and he has $52,000 in wage income and $16,000 in long-term capital gains.
How much of Rubio's $37,600 loss is allowed considering only the tax-basis loss limitations?