Question
10) T owns 3 partnership interests, all of which are passive activities. T sells his interest in Partnership 3 realizing a $10,000 loss. Income as
10) T owns 3 partnership interests, all of which are passive activities. T sells his interest in Partnership 3 realizing a $10,000 loss. Income as follows: Wages $50,000 Passive activities: Partnership 1 Current Income $5,000 Partnership 2 Current Loss ($1,000) Partnership 2 Suspended loss C/o ($4,000) Loss on sale of Partnership 3 (10,000)
What is Ts income?
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College Accounting, Chapters 1- 15
Authors: James A. Heintz, Robert W. Parry
23rd Edition
0357391942, 9780357391945
