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This year Robert had the following income and losses from four passive activities: Activity 1 $ (23,250 ) Activity 2 (11,950 ) Activity 3 (6,300
This year Robert had the following income and losses from four passive activities:
Activity 1 | $ | (23,250 | ) | |
Activity 2 | (11,950 | ) | ||
Activity 3 | (6,300 | ) | ||
Activity 4 | 38,200 | |||
Activity 4 had $11,625 of passive losses that are carried over from a prior year. Robert also had wages of $136,000.
Required:
- How much income or loss does Robert have from the four activities?
- How are the suspended PALs allocated?
- If Activity 1 were sold at an $22,225 gain, what would be the total income or loss from the four activities?
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