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ASAP In the current year Tracy reports $190,000 of salary income, $34,000 of income from activity X, and $32,000 and $48,000 losses from activities Y
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In the current year Tracy reports $190,000 of salary income, $34,000 of income from activity X, and $32,000 and $48,000 losses from activities Y and Z, respectively. All three activities are passive with respect to Tracy and are purchased during the current year, Requirement What is the amount of loss that may be deducted with respect to each of these activities? Also compute the amount of loss that must be carried over for each activity. Compute the amount of loss that may be deducted per activity. Then compute the amount of loss that must be carried over per activity. (Do not round intermediary calculations. Enter loss amounts as a positive number. If an input field is not used in the table, Jeave the input field empty, do not enter a zero.) Loss deducted in Activity current year X> Y N N Loss carried over per activity Activity Y Z Step by Step Solution
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