Exercise $11-28($Algorithmic$)($LO$.3)$

Lucy sells her partnership interest, a passive activity, with an adjusted basis of $$492,000$ for $$541,200.$ In addition, she has current and suspended losses of $$73,800$ associated with the partnership and has no other passive activities.

a$.$ Calculate Lucy's total gain and her current deductible loss.

Her total gain is $ $$ and her deductible loss is $

b$.$ What type of income can the deductible loss offset?

Lucy's deductible loss is offset against