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Josh has investments in two passive activities. Activity A (acquired three years ago) produces income of $30,000 this year, while Activity B (acquired two years ago) produces a loss of $50,000. What is the amount of Josh's suspended loss for the year?
UCC
The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, including sales, negotiable instruments, and secured transactions.
Collecting Bank
A bank that handles the presentation of payment documents, such as checks, for a depositor.
Endorser
A person who signs a negotiable instrument on the back to transfer ownership or to guarantee payment to someone else.
Secondarily Liable
Refers to the obligation to pay a debt or fulfill an obligation only if the primary party responsible fails to do so.
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