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Lucy sells her partnership interest, a passive activity, with an adjusted basis of $ 3 7 3 , 0 0 0 for $ 4 1
Lucy sells her partnership interest, a passive activity, with an adjusted basis of $ for $ In addition, she has current and suspended losses of $ associated with the partnership and has no other passive activities.
a Calculate Lucy's total gain and her current deductible loss.
Her total gain is $fill in the blank
and her deductible loss is $fill in the blank
b What type of income can the deductible loss offset?
Lucy's deductible loss is offset against
any income
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