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Hi - I need a little help on this question. Thanks! Roberta gave her daughter a passive activity last year that had an adjusted basis
Hi - I need a little help on this question. Thanks!
Roberta gave her daughter a passive activity last year that had an adjusted basis of $37,500. The activity had suspended losses of $17,500 and a fair market value of $60,000. In the current year, her daughter realized income of $9,000 from the passive activity. What is the tax effect on Roberta and her daughter last year and in the current year?
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