Business, 05.09.2020 07:01 GhostElite6383

A customer owns a real estate limited partnership interest, with an adjusted cost basis of $25,000. This interest has generated unused passive losses totaling $15,000. The partnership interest is sold for $25,000. Regarding the cost basis and capital gain or loss which of the following statements are true?I The adjusted cost basis is $10,000II The adjusted cost basis is $40,000III The customer has a capital gain of $10,000IV The customer has a capital loss of $15,000A. I and IIIB. I and IVC. II and IIID. II and IV

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A customer owns a real estate limited partnership interest, with an adjusted cost basis of $25,000....

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