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Schedules K-1, General Question 20 of 75 Which step must be completed first to determine...

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Accounting

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Schedules K-1, General Question 20 of 75 Which step must be completed first to determine theallowable losses when a taxpayer has multiple passive activitie s? O Figure the allowable loss from other passive activities. O Figure the allowable loss from rental real estate activities with active participation. O Figure the income or loss from each separate activity in the usual manner O Figure the allowable loss from rental real estate activities with significant participation. Mark for follow up Question 21 of 75. Portfolio income includes all of the following EXCEPT: O Royalties not derived in the ordinary course of a trade or business. O Dividends from accumulated earnings and profits of an S corporation. O Guaranteed payments received by a partner. O Interest Mark for follow up

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