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Jessica Underwood, a married taxpayer filing jointly, has a $ 7 0 0 , 0 0 0 business loss from her S corporation in 2

Jessica Underwood, a married taxpayer filing jointly, has a $700,000 business loss from her
S corporation in 2024. Assume the $700,000 loss satisfies the basis, at-risk amount, and
passive loss rules. Assume also that neither she nor her husband has any other business losses
or business income. How much of the $700,000 loss may she deduct this year?

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