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Author Question: Charlie owns activity B which was considered a passive activity and generated a $17,000 suspended ... (Read 304 times)

evelyn o bentley

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on: Sep 13, 2020
Charlie owns activity B which was considered a passive activity and generated a $17,000 suspended loss.  Charlie increases his involvement with activity B so that this year activity B is not considered passive for Charlie. During this year, activity B produces a $9,000 loss. In addition, Charlie acquires an investment in activity X, a passive activity, this year. Charlie's share of activity X's income is $13,000. Charlie's salary this year is $70,000. As a result, this year Charlie must
◦ offset B's loss carryover against X's current income and carry over $9,000 loss from activity B to next year.
◦ offset B's carryover loss and current loss against X's income first and then offset any remaining loss against salary.
◦ offset B's $9,000 loss against X's $13,000 income and offset B's loss carryover against the remaining $4,000 of X's income.
◦ offset B's current $9,000 loss against his salary and offset B's loss carryover against X's income and carry over $4,000 of loss to next year.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by evelyn o bentley on Sep 13, 2020

ally

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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evelyn o bentley

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

scottmt

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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