Jackson invested $190,000 in a passive activity five years ago. On January 1, 2017, his at-risk amount
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Jackson invested $190,000 in a passive activity five years ago. On January 1, 2017, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000 loss in 2017, $20,000 loss in 2018, and $80,000 gain in 2019. How much can Jackson deduct in 2017 and 2018? What is his taxable income from the activity in 2019? Keep in mind the at-risk rules as well as the passive loss rules.
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2017Atrisk 45000 2017 Loss 52000 45000 is allowed under the a...View the full answer
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Related Book For 
Fundamentals Of Taxation 2020 Edition
ISBN: 9781260483147
13th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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