Lucy sells her partnership interest, a passive activity, with an adjusted basis of $305,000 for $330,000 In addition, she has current and suspended losses of $28,000 associated with the partnership and has no other passive activities Calculate Lucy 's total gain and her current deductible loss Describe the type of income that the deductible loss may offset

Question: Lucy sells her partnership interest, a passive activity, with an adjusted basis of $305,000 for $330,000. In addition, she has current and suspended losses of

Lucy sells her interest, a passive activity, with an adjusted basis of $305,000 for $330,000. In addition, she has current and suspended losses of $28,000 associated with the and has no other passive activities. Calculate Lucy's total gain and her current deductible loss. Describe the type of income that the deductible loss may offset.

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