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Please and thank you!! This year Robert had the following income and losses from four passive activities: Activity 4 had $11,500 of passive losses that
Please and thank you!!
This year Robert had the following income and losses from four passive activities: Activity 4 had $11,500 of passive losses that are carried over from a prior year. Robert also had wages of $134,000. Required: a. How much income or loss does Robert have from the four activities? b. How are the suspended PALs allocated? c. If Activity 1 were sold at an $21,900 gain, what would be the total income or loss from the four activities? Complete this question by entering your answers in the tabs below. If Activity 1 were sold at an $21,900 gain, what would be the total income or loss from the four activities? Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amountStep by Step Solution
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