During 2012, Hugh Hughes reported the following income and loss: Activity X ($50,000)
Activity Y $20,000
Both Activity X and Activity Y are passive to Mr. Hughes. Hugh purchased Activity X in 1987 and Activity Y in 1993. How much is the loss that Mr. Hughes may deduct in 2012?
A) $50,000
B) $30,000
C) $3,000
D) $0
Correct Answer:
Verified
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