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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 34
Judy acquired passive Activity A in January 2004 and Activity B in July 2005. Until 2009, Activity A was profitable. Activity A produced a loss of $50,000 in 2009 and a loss of $75,000 in 2010. She has $45,000 passive income from Activity B in 2009, and $35,000 in 2010. After offsetting passive income, how much of the net losses may she deduct?
Explanation
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Income tax:
Every earner pays a tax on ...
Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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