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Exercise 11-28 (Algorithmic) (LO. 3) Lucy sells her partnership Interest, a passive activity, with an...

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Accounting

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Exercise 11-28 (Algorithmic) (LO. 3) Lucy sells her partnership Interest, a passive activity, with an adjusted basis of $425,500 for $468,050. In addition, she has current and suspended losses of $63,825 associated with the partnership and has no other passive activities. a. Calculate Lucy's total gain and her current deductible loss. Her total gain is $ and her deductible loss is $ b. What type of income can the deductible loss offset? Lucy's deductible loss is offset against any income only active and passive activity income only portfolio and passive activity income Exercise 11-32 (Algorithmic) (LO. 9) Rose dies with passive activity property having an adjusted basis of $114,800, suspended losses of $36,736, and a fair market value at the date of her death of $160,720. Of the $36,736 suspended loss existing at the time of Rose's death, how much is deductible on her final return or by the beneficiary? The basis for the property is ; therefore, $36,736 suspended loss is dede final return or by the beneficiary. stepped-up stepped-down to s of the

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