Lewis is not an active participant in three rental activities, which have turned profits in recent years.
Question:
Lewis is not an active participant in three rental activities, which have turned profits in recent years. The following gain and losses apply to the current year for Lewis:
Gain or (Loss)
Rental Activity 1 .......................... ($10,000)
Rental Activity 2 .............................. 12,000
Rental Activity 3 .............................. (8,000)
Total .................................................. ($ 6,000)
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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