Tonya sells a passive activity in the current year for $150,000. Her adjusted basis in the activity

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Tonya sells a passive activity in the current year for $150,000. Her adjusted basis in the activity is $50,000, and she uses the installment method of reporting the gain. The activity has suspended losses of $12,000. Tonya receives $60,000 in the year of sale. What is her gain? How much of the suspended losses can she deduct?
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Related Book For  answer-question

South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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