Question
In the current year Faith reports $155,000 of salary income, $35,000 of income from activity X, and $30,000 and $20,000 losses from activities Y
In the current year Faith reports $155,000 of salary income, $35,000 of income from activity X, and $30,000 and $20,000 losses from activities Y and Z, respectively All three actvibes are passive with respect to Faith and are purchased during the current year. Read the requirement. Compute the amount of loss that may be deducted per activity. Then compute the amount of loss that must be carried over per activity (Do not round intermediary calculations Enter loss amounts as a positive number. If an input field is not used in the table, leave the input field empty; do not enter a zero) Activity x Loss deducted in current year Y Activity Loss carried over per activity x Y Requirement What is the amount of loss that may be deducted with respect to each of these activities? Also compute the amount of loss that must be carried over for each activity Print Done
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