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In the current year Brad reports income and losses from the following activities: E: (Click the icon to view the data.) Activities X, Y, and
In the current year Brad reports income and losses from the following activities: E: (Click the icon to view the data.) Activities X, Y, and Z are all passive with respect to Brad. Activity Z has $38,000 in passive losses which are carried over from the prior year. In the current year Brad sells activity Z for a taxable gain of $33,000 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 "0" for amounts with a zero balance.) Loss deductible in current year Amount carried over to next year -X Data Table Requirements $ 30,000 (14,000) Activity X Activity Y Activity Z Salary 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? b. Based solely on the amounts above, compute Brad's AGI for the current year. (21,000) 125,000 Print Done Done
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