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****** Scenario 3: At-Risk Limitations for Losses Emily invests...

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Accounting

******
Scenario 3: At-Risk Limitations for Losses
Emily invests $20,000 in a film production partnership (passive activity).
The partnership generates a loss of $35,000. Emily's share is $18,000.
Wages: $62,000
Interest and Dividend Income: $2,000
Itemized Deductions: $18,000
Allowable deduction for self-employment tax: None
Calculate:
The amount of Emily's loss that is potentially deductible under the at-risk rules.
AGI, Taxable Income, and Total Tax Liability

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