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Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1 9 9 6 . He also acquired a rental house
Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in He also acquired a rental house in which he actively manages. During Walter's share of the partnership's losses was $ and his rental house generated $ in losses. Walter's modified adjusted gross income before passive losses is $ If an amount is zero, enter Question Content Area a Calculate the amount of Walter's allowable loss for rental house activities for fill in the blank of $ Question Content Area b Calculate the amount of Walter's allowable loss for the partnership activities for fill in the blank of $ Question Content Area c What may be done with the unused losses, if anything? The unused losses may be carried to reduce income in those years.
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