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During 2020, Hugh Hughes reported the following income and loss: Activity X ($50,000) ...

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Question

Accounting

During 2020, Hugh Hughes reported the following income and loss:

Activity X ($50,000)

Activity Y $20,000

Both Activity X and Activity Y are passive to Mr. Hughes. Hugh purchased Activity X in 1988 and Activity Y in 2013. How much of the net loss may Mr. Hughes deduct in 2020?

Question 7 options:

1)

$0

2)

$50,000

3)

$30,000

4)

$3,000

Answer & Explanation Solved by verified expert
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