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  3. generally, when a taxpayer disposes of their entir

Generally, when a taxpayer disposes of their entire interest in a passive activity where all...

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Accounting

Generally, when a taxpayer disposes of their entire interest in a passive activity where all gain or loss is recognized, any prior year unallowed passive activity losses are:

Included with current-year passive activity gain or loss and allowed in full.

Deducted against ordinary income up to $3,000 and carried forward until depleted.

Permanently disallowed.

Carried forward to offset any future passive activity gains.

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