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Several years ago, Joy acquired a passive activity. Until 2006, the activity was profitable. Joy's at-risk amount at the beginning of 2006 was $250,000. The activity produced losses of $100,000 in 2006, $80,000 in 2007, and $90,000 in 2008. During the same period, no passive income was recognized. How much is suspended under the at-risk rules and the passive loss rules at the beginning of 2009?

$0; $270,000
$20,000; $250,000
$30,000; $240,000
$260,000; $10,000
None of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9416574

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