Bill Goggans died and left passive activity property to his nephew, Travis. Bill's basis in the activity was $30,000, while Travis' basis was stepped up to $50,000. Suspended losses amounted to $22,000. How much is the passive loss deduction that can offset nonpassive income?
A) $22,000
B) $30,000
C) $2,000
D) None of the above.
Correct Answer:
Verified
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