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Kathy and Annise are a married couple who file jointly. In the current year, they have net ordinary income of $10,000 from a partnership interest
Kathy and Annise are a married couple who file jointly. In the current year, they have net ordinary income of $10,000 from a partnership interest in which they materially participate. They also have a net loss of $30,000 from a rent house in which they actively participate. Their adjusted gross income (AGI) exclusive of these investments is $120,000.
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South Western Federal Taxation 2017 Comprehensive
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
40th Edition
1305874161, 978-1305874169
