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Which of the following statements regarding an individual's suspended passive activity loss is NOT correct?...

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Accounting

Which of the following statements regarding an individual's suspended passive activity loss is NOT correct? a. Limits the ability of partners in rental real estate partnerships and other partnerships they don't actively manage. b. $3,000 of suspended losses can be utilized each year against portfolio income. c. Suspended losses can be carried forward, but not back, until utilized. d. Applies primarily to individuals and also to estates, trusts, closely held c-corporations, and personal service corporations. QUESTION 37 Which of the following is NOT nonbusiness income for state income tax purposes: a. Rental Income b. Gains from the sale of stock by a dealer of stock c. Interest and dividends Od. Capital gains from investment property

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