a. Adjusted basis in this investment is $35,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000.

The

taxable gaindeductible losstaxable gain

is $fill in the blank 6245d9012018fd1_2.

The suspended losses at the end of the year are $fill in the blank 6245d9012018fd1_3.

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When a taxpayer disposes of his or her entire interest in a passive activity, the actual economic gain or loss from the investment, including any suspended losses, can finally be determined.

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b. Adjusted basis in this investment is $75,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000.

The

deductible losstaxable gaindeductible loss

is $fill in the blank 586742027018f85_2.

The suspended losses at the end of the year are $fill in the blank 586742027018f85_3.

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Partially correct

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c. Adjusted basis in this investment is $75,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000. In addition, suspended credits total $10,000.

The

deductible losstaxable gaindeductible loss

is $fill in the blank dac6bd00b056feb_2.

The suspended losses at the end of the year are $fill in the blank dac6bd00b056feb_3.

The suspended credits at the end of the year are

carried backcarried forwardlostlost