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In 2012, Pearl invests $80,000 for a 10% partnership interest in an activity in which she is a material participant.The partnership reports losses of $500,000 in 2012 and $450,000 in 2013.Pearl's share of the partnership's losses is $50,000 in 2012 and $45,000 in 2013.How much of the losses can Pearl deduct?
Transaction
An agreement between a buyer and a seller to exchange goods, services, or financial instruments.
Evidence
Information or details that provide proof or support for assertions, decisions, or beliefs.
New Account
An account that has been recently opened in the financial books of a business or an individual's newly established account with a financial institution.
Transaction
An event or agreement between two or more parties that has a financial impact on the business.
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