Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993....
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Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993. He also acquired a rental house in 2020, which he actively manages. During 2020, Walter's share of the partnership's losses was $22,000, and his rental house generated $48,500 in losses. Walter's modified adjusted gross income before passive losses is $144,000. If an amount is zero, enter "0". a. Calculate the amount of Walter's allowable loss for rental house activities for 2020.
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