In the current tax year boris earned 120000 from his job as, Ask an Expert

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In the current tax year, Boris earned $120,000 from his job as a master plumber. In addition, he received $40,000 of income from Activity A, and lost $30,000, and 25,000 from Activities B and C respectively. Activities A, B, and C are passive activities that Boris acquired in the current year. What amount of loss may Boris deduct on his current year taxes with respect to each activity? What amount of loss, if any, must be carried over to the subsequent year for each activity?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92022813

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