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During the current year, Jordan, a single individual, has AGI of $120,000 before taking into account any passive activity losses. He also actively participates and
During the current year, Jordan, a single individual, has AGI of $120,000 before taking into account any passive activity losses. He also actively participates and owns 100% of activity A, which is a real estate rental activity. For the year, activity A generates a net loss of $6,600 and $3,200 in tax credits. Juan is in the 24% tax bracket. Requirement What is the amount of suspended loss and credit from activity A that must be carried to subsequent years? (Complete all input fields. Enter a "0" for amounts with a zero balance.) 1 Suspended losses carried to subsequent years Credits carried to subsequent years
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