Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2014, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $16,000. Assuming Clifford’s modified adjusted gross income is $120,000 for 2014, and he has no prior year un allowed losses from either activity, complete Form 8582 on Page 4-39.
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