Question
Russell and Shannon are married and file a joint return. Their MAGI is $79,000. Russell has losses of $ 18,000 from a rental activities in
Russell and Shannon are married and file a joint return. Their MAGI is $79,000. Russell has losses of $ 18,000 from a rental activities in which he actively participates. Shannon has a $3,000 loss from a limited partnership in which she does not materially participate. What is the amount of their allowable passive loss?
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Principles Of Financial Accounting
Authors: Jerry J. Weygandt, Lorena Mitrione, Michaela Rankin, Keryn Chalmers, Paul D. Kimmel
3rd Edition
0730302296, 978-0730302292
