Joy Reports the Following Income and Loss Activities A,B,and C Are All Passive Activities
Question 28
Question 28
Multiple Choice
Joy reports the following income and loss: Salary Income from activity A Loss from activity B Loss from activity C $120,00060,000(35,000) (55,000) Activities A,B,and C are all passive activities. Based on this information,Joy has the following suspended losses:
A) Activity B $1,667 Activity C $18,333 B) Activity B $35,000 Activity C $55,000 C) Activity B 10,000 Activity C $20,000 D) Activity B $0 Activity C $0
Correct Answer:
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