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. (TCO G) Which of the following is not a passive activity?(Points : 5) Owning a business and not materially participating Having rental condos Owning
. (TCO G) Which of the following is not a passive activity?(Points : 5)
Owning a business and not materially participatingHaving rental condos
Owning a LP interest in a real estate limited partnership
Owning a working interest in oil and gas properties
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Question 6. 6. (TCO G) Lewis owned an LP interest in Kate Partners, LP. He did not materially participate in the activity. On the date he gifted the Kate partnership interest to his son, Travis, his basis was $33,000. Suspended losses amounted to $10,000 as of that date. What is Traviss adjusted basis in the gift? Show your work! (Points : 15)
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