Lucy sells her partnership interest, a passive activity, with an adjusted basis of $352,000 for...
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Lucy sells her partnership interest, a passive activity, with an adjusted basis of $352,000 for $387,200. In addition, she has current and suspended losses of $52,800 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
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