Multiple Choice
Jorge owns activity X which produced a $20,000 passive loss last year.Jorge's only income last year was wages of $30,000.Jorge is a material participant in activity X this year when it produces a $14,000 loss.This year,Jorge's wages are $40,000.This year,Jorge also has passive activity income from activity Y of $16,000.What is the total passive activity loss carryover to next year?
A) $0
B) $3,000
C) $4,000
D) $18,000
Correct Answer:
Verified
Correct Answer:
Verified
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