Dorothy acquired a 100% interest in two passive activities: Activity A in January 2017 and Activity B
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Dorothy acquired a 100% interest in two passive activities: Activity A in January 2017 and Activity B in 2018. Through 2020, Activity A was profitable, but it produced losses of $200,000 in 2021 and $100,000 in 2022. Dorothy has passive activity income from Activity B of $20,000 in 2021 and $40,000 in 2022. After offsetting passive activity income, how much of the net losses may she deduct?
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In 2021 and 2022 Dorothy may deduct none of the net ...View the full answer
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Related Book For 
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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