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Business, 09.07.2021 19:00 alanihuling

Robin and Randy filed a joint return for 2019 and itemized their deductions. Robin is a 50% partner of Mosaic Partnership, and materially participates in its management. Robin's basis in Mosiac is $20,000. Randy is a real estate professional and is in the business of managing an apartment complex owned by him individually. As a hobby, Robin enjoys gardening and sold $5,000 in exotic plants during the year. Together, their taxable income is $114,000. The only carryover they had was a net operating loss generated in the prior year. The table below lists various items related to Robin and Randy's 2019 tax return. Enter the appropriate amounts deductible on Form 1040 in the designated cells below. Enter the deductible losses and expenses as negative numbers. Indicate negative numbers by using a leading minus (-) sign. If no entry is necessary or the answer is zero, enter a zero (0).
1. Long-term capital loss.($15,000)
2. Mosaic ordinary loss.($50,000)
3. Rental property loss.($45,000)
4. Unreimbursed loss from fire damage on primary residence. The fire is not a federally declared disaster.($35,000)
5. Prior-year net operating loss carryforward.($22,000)

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