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In the current year Brad reports income and losses from the following activities: View the data. Activities x , Y , and Z are all
In the current year Brad reports income and losses from the following activities:
View the data.
Activities and are all passive with respect to Brad. Activity has $ in passive losses which are carried over from the prior year. In the current year Brad sells activity for a taxable gain of $
Read the requirements.
Requirement a What is the amount of loss that Brad may deduct and what is the amount that must be carried over in the current year? Enter a for amounts with a zero balance.
Loss deductible in current year
Amount carried over to next year
Requirement b Based solely on the amounts above, compute Brad's AGI for the current year.
Brad's AGI for the current year Data
tableActivity $Activity
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