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Business, 07.07.2021 01:20 liann8776

On January 1, 2021, Devin sold his interest in XYZ LP. At the time of sale in 2021, Devin had $10,000 in suspended passive activity losses from XYZ LP (due to the fact that XYZ LP had additional passive losses in 2020 that Devin was unable to deduct). In 2021, Devin had salary income of $50,000 and portfolio income of $4,000. ABC LP did not generate a gain or loss in 2020. What amount of passive activity losses can Devin deduct in 2021

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On January 1, 2021, Devin sold his interest in XYZ LP. At the time of sale in 2021, Devin had $10,00...
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