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Leon sells his interest in a passive activity for $165,500. Determine the tax effect of the sale based on each of the following independent facts:
Leon sells his interest in a passive activity for $165,500. Determine the tax effect of the sale based on each of the following independent facts: If an amount is zero, enter " 0 ". a. Adjusted basis in this investment is $57,925. Losses from prior years that were not deductible due to the passive activity loss restrictions total $63,718. The is $ The suspended losses at the end of the year are $ b. Assume the same sales price but the adjusted basis in this investment is $124,125. Losses from prior years that were not deductible due to the passive activity loss restrictions total $63,718. The is $ The suspended losses at the end of the year are $ C. Assume the same sales price but the adjusted basis in this investment is $124,125. Losses from prior years that were not dedible due to the passive activity loss restrictions total $63,718. In addition, suspended credits total $16,550. The is $ The suspended losses at the end of the year are $ The suspended credits at the end of the year are
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