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Richard owns and manages an apartment building. This is Richard's only passive activity. The building generated a loss of $31,000 for the current year. Before deduction of the loss, Richard's AGI was $85,000. Can Richard deduct the entire loss in the current year? If Richard cannot deduct the full amount of the loss, indicate the amount that he can take and how much loss he can carry forward?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9990870

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