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I NEED HELP Sue disposes of her entire interest in a passive activity at a $20,000 gain while she continues to hold investments in several
I NEED HELP
Sue disposes of her entire interest in a passive activity at a $20,000 gain while she continues to hold investments in several other passive activities. Associated with the activity disposed of were suspended losses of $50,000. Which of the following describes the tax result of the disposition? None of the suspended loss is deductible because she continues to hold investments in other passive activities The amount of the $50,000 loss that may be used this year depends on the returns from the other passive activities during the current year. All $50,000 of suspended losses may be used this year. Only $20,000 of the $50,000 in the suspended losses may be used this year. Question 9 2 pts A retail building used in the business of a sole proprietor is sold on March 10, 2021, for $322,000. The building was acquired in 2002 for $400,000 and straight-line depreciation of $104,000 had been taken on the building. What is the maximum unrecaptured $1250 gain from the disposition of this building? \begin{tabular}{c} 322,000 \\ \hline 104,000 \\ \hline 26,000 \\ \hline 400,000 \end{tabular}Step by Step Solution
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