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1. In 2013, Jean earns a salary of $150,000 and invests $20,000 for a 20% interest in a partnership not subject to the passive loss
- 1. In 2013, Jean earns a salary of $150,000 and invests $20,000 for a 20% interest in a partnership not subject to the passive loss rules. Through the use of $400,000 of non-recourse financing, the partnership acquires assets worth $500,000. The activity produces a loss of $75,000, of which Jean's share is $15,000. In 2013, Jean's share of the loss from the partnership is $7,500. How much of the loss from the partnership can Jean deduct?
2.Discuss the differences between federal court and the United States Tax Court for litigating tax issues.
NO PLAGIARISM MUST BE ORIGINAL WORK!
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