Five years ago Gerald invested $150,000 in a passive activity, his sole investment venture. On January 1,
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Five years ago Gerald invested $150,000 in a passive activity, his sole investment venture. On January 1, 2013, his amount at risk in the activity was $30,000. His shares of the income and losses were as follows:
How much can Gerald deduct in 2013 and 2014? What is his taxable income from the activity in 2015? Consider the at-risk rules as well as the passive loss rules.
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Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th Edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
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