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Problem:

Arnold purchased interests in two limited partnerships 6 years ago. During 2012, Arnold had income of 22.000 from one of the partnerships. He had a loss from the other partnership of 32000 salary income of 35000 and dividend income of 2000.

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Question: What is Arnold's net passive income or loss before any limitations?

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91172269

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