Kim Dies Owning a Passive Activity with a Basis of $75,000

question 86

True/False

Kim dies owning a passive activity with a basis of $75,000, a fair market value of $140,000, and suspended losses of $80,000.All of the $80,000 passive loss can be deducted on Kim's final income tax return.

---

Definitions:

Constitutional Protections

The safeguards guaranteed by a constitution that protect the rights and freedoms of individuals and groups from infringement by the government.

Mary McLeod Bethune

An influential African American educator, stateswoman, philanthropist, humanitarian, womanist, and civil rights activist in the United States during the early 20th century.

New Deal

During the 1930s, President Franklin D. Roosevelt introduced a variety of programs, public works, monetary reforms, and regulations in the United States, all aimed at mitigating the effects of the Great Depression.