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Problem 11-44 (LO. 3, 9) Leon sells his interest in a passive activity for $100,000. Determine the tax effect of the sale based on each of the following independent facts: If an amount is zero, enter "0". a. Adjusted basis in this investment is $35,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000. The taxable gain ' J is $- J . The suspended losses at the end of the year are $ -4D,OOD X . Feedback " Check My Work When a taxpayer disposes of his or her entire interest in a passive activity, the actual economic gain or loss from the investment, including any suspended losses, can finally be determined. b. Adjusted basis in this investment is $75,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000. The deductible loss V J is J . The suspended losses at the end of the year are $ 40,000 X . Feedback V Check My Work Panially correct 1:. Adjusted basis in this investment is $75,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000. In addition, suspended credits total $10,000. The deductible loss ' J is J . The suspended losses at the end of the year are $_ X . The suspended credits at the end of the year are lost V J