Question
Question 15 Last year, Ms. Margot purchased a limited interest in a business partnership, which is her only passive activity. Last year, she was allocated
Question 15
Last year, Ms. Margot purchased a limited interest in a business partnership, which is her only passive activity. Last year, she was allocated $14,900 of the partnership's ordinary business loss. This year, she was allocated $7,700 of the partnership's ordinary business income. Which of the following statements is false?
Group of answer choices
This year, Ms. Margot can deduct $7,700 of last years loss.
Ms. Margot has a $7,200 passive activity loss carryforward into next year.
Last year, Ms. Margot could not deduct any of her allocated partnership loss.
None is false.
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