Question: Julia acquired passive Activity A in January 2011 and passive Activity B in July 2013. Until 2014, Activity A was profitable. Activity A produced a

Julia acquired passive Activity A in January 2011 and passive Activity B in July 2013. Until 2014, Activity A was profitable. Activity A produced a loss of $150,000 in 2014 and a loss of $150,000 in 2015. She has passive income from Activity B of $50,000 in 2014, and $35,000 in 2015. How much of the net passive losses may she deduct in 2014 and 2015 respectively? (Ignore at-risk rules.)

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