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Leslie Ann owned an interest in several limited partnerships in 2016. Gains and losses passed through to Leslie are as follows. Partnership Date Acquired Allocated Gain (Loss) O & G 1 3/26/84 $12,000 O & G 2 5/19/86 (30,000) O & G 3 11/13/88 ( 5,000) O & G 4 1/08/89 ( 6,000) O & G 5 7/11/90 20,000.

(a) What is Leslie's net passive loss for 2016?
(b) How much of the loss may be deducted against active and portfolio income?
(c) How much of the loss is a suspended loss?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92827000

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