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Janet has a taxable income of $51,110 from her salary and investment assets. She also owns 3 passive activities that have the following income (loss)
Janet has a taxable income of $51,110 from her salary and investment assets. She also owns 3 passive activities that have the following income (loss) for the year: Passive Activity 1 Passive Activity 2 Passive Activity 3 $11,100 $(17,240) $(8,870) Note: Do not round your intermediate computations. Round your final answers to the nearest dollar. a. What is the effect of the passive activities on Janet's income? Janet has a loss of $ She is allowed to deduct these losses . Her net taxable income is $ b. How much suspended loss does Janet have in each passive activity? Of Janet's $ suspended loss, $ is allocated to Passive Activity 2 and $ to Passive Activity 3
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