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Jeff Owned One Passive Activity

question 108

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Jeff owned one passive activity.Jeff sold the activity and realized a $2,000 gain on the sale.Prior to the sale,he realized a current year loss from the activity of $6,000.In addition,he has suspended losses from prior years of $7,000.What is the net impact on Jeff's AGI this year due to the passive activity?


Definitions:

Deterministic View

The belief that all events, including human actions, are ultimately determined by causes regarded as external to the will.

Human Nature

The inherent characteristics, including ways of thinking, feeling, and acting, that all humans are believed to share.

Culture

The shared beliefs, values, norms, and practices that are learned from society and contribute to the behavioral and cognitive characteristics of the members of that society.

Personality

The unique, relatively enduring internal and external aspects of a person’s character that influence behavior in different situations.

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