Lucy sells her partnership interest, a passive activity, with an adjusted basis of $305,000 for $330,000. In

Question:

Lucy sells her interest, a passive activity, with an adjusted basis of $305,000 for $330,000. In addition, she has current and suspended losses of $28,000 associated with the and has no other passive activities. Calculate Lucy's total gain and her current deductible loss. Describe the type of income that the deductible loss may offset.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...