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Author Question: Mara owns an activity with suspended passive losses from prior years of $13,000. In the current ... (Read 156 times)

nevelica

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on: Sep 13, 2020

Question 1

Lewis died during the current year. Lewis owned passive activity property with a FMV of $61,000 and a basis of $48,000. Suspended losses of $15,000 were attributable to the property. How much of the suspended loss is deductible on Lewis's final income tax return?
◦ $0
◦ $2,000
◦ $13,000
◦ $15,000

Question 2

Mara owns an activity with suspended passive losses from prior years of $13,000.  In the current year, Mara becomes a material participant in the activity.  This year the activity generates $6,000 of income.  The net effect of this activity on Mara's current year AGI is a(n)
◦ increase of $6,000.
◦ decrease of $13,000.
◦ 0.
◦ decrease of $7,000.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by nevelica on Sep 13, 2020

amy.lauersdorf90

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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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nevelica

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Reply 2 on: Sep 13, 2020
Excellent

gcook

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

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