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Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2014, his

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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. Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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Form 8582 Department of the Treasury Internal Revenue Service 99 Name shown on return Clikkord Johnson Part I 2013 Passive Activity LoSS Rental Real Estate Activities With Active Participation For the …View the full answer


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Income Tax Fundamentals 2015

Income Tax Fundamentals 2015

ISBN: 9781305177772

33rd Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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Question Posted: July 16, 2015 05:57:57
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