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Exercise 11-28 (Algorithmic) (LO. 3) Lucy sells her partnership interest, a passive activity, with an adjusted basis of $499,000 for $548,900. In addition, she has current and suspended losses of $74,850 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 $ 49,900 and her deductible loss is $ 24,950. b. What type of income can the deductible loss offset? Lucy's deductible loss is offset against only portfolio and passive activity income X Incorrect Feedback any income only active and passive activity income Check My Work only portfolio and passive activity income When a taxpayer disposes of his or actual economic gain or loss from the investment, including any suspended losses, can finally be determined