In January 2011, Jacinto purchased an interest in a nonpublicly traded limited partnership that will generate a
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In January 2011, Jacinto purchased an interest in a nonpublicly traded limited partnership that will generate a $10,000 passive loss for the current tax year. He also owns an interest in a publicly traded limited partnership that will generate passive income of $6,000 for the current tax year. How much of this passive loss, if any, can Jacinto deduct during the current tax year?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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