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Sable sells a passive activity with an adjusted ba...

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Sable sells a passive activity with an adjusted basis of $245,000 for $305,000. Suspended losses attributable to this property total $45,000. The total gain and the taxable gain are: a. $60,000 total gain; $60,000 taxable gain. b. $15,000 total gain; $15,000 taxable gain. c. $60,000 total gain; $0 taxable gain. d. $60,000 total gain; $15,000 taxable gain. e. None of the above.

 

Paper#11007 | Written in 18-Jul-2015

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