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Discuss the extent to which Section 465 limits Taxpayer's loss deductions, generates recapture income out of a previously allowed loss deductions, or allows the use

Discuss the extent to which Section 465 limits Taxpayer's loss deductions, generates recapture income out of a previously allowed loss deductions, or allows the use of a loss carryover in the following situations: a) Taxpayer purchased a farm for $50,000 cash and his personal note for $400,000 secured by a mortgage.

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