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If a taxpayer sells a passive activity with suspended passive activity losses from prior years, what type of income can be offset by the suspended
If a taxpayer sells a passive activity with suspended passive activity losses from prior years, what type of income can be offset by the suspended passive losses in the year of sale? Assume CARES Act applies.
a. Passive activity income
b. Active business income
c. Any of these types of income can be offset.
d. None of these. The suspended losses disappear when the passive activity is sold.
e. Portfolio income
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