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Jerry sold an activity with a cost basis of $50,000 and suspended passive activity losses...

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Question

Accounting

Jerry sold an activity with a cost basis of $50,000 and suspended passive activity losses of $10,000 for $40,000. Jerry will be able to deduct a loss of $20,000 against active and portfolio income

True

False

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Andrew's property, with an adjusted basis of $130,000, is condemned by the state. Andrew receives property with a fair market value of $150,000 as compensation for the property taken. Andrew's basis in the new property is $150,000.

True

False

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