Question: Julia acquired passive Activity a in January 2010 and passive Activity B in July 2012. Until 2013, Activity A was profitable. Activity A produced a

Julia acquired passive Activity a in January 2010 and passive Activity B in July 2012. Until 2013, Activity A was profitable. Activity A produced a loss of $150,000 in 2013 and a loss of $150,000 in 2014. She has passive income from Activity B of $50,000 in 2013, and $35,000 in 2014. How much of the net passive losses may she deduct in 2013 and 2014 respectively? (Ignore at-risk rules.)

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