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FromTheMoon [43]
3 years ago
5

In the current year, Joel has a passive activity loss of $15,000 from a limited partnership interest in XYZ, LP. He also has sus

pended losses from XYZ from prior years of $40,000. At the end of the current year, Joel sells his entire interest in XYZ at a $50,000 gain. What is the net effect of these items on his current year adjusted gross income?
Business
1 answer:
anygoal [31]3 years ago
7 0

Answer:

the  net impact on these items is $5,000 gain

Explanation:

The computation of the net impact on these items is as follows;

Net effect is

= Gain - Loss - suspended loss

= $50,000 - $15,000  - $40,000

= $5,000 gain

hence, the  net impact on these items is $5,000 gain

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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Answer:

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6 0
3 years ago
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Answer:

Please find the detailed answer as follows:

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6 0
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