#1 Question 9 In the current year, Rich has a $40,000 loss from a business...
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Accounting
#1 Question 9
In the current year, Rich has a $40,000 loss from a business he owns. His at-risk amount at the end of the year, prior to considering the current year loss, is $24,000. He will be allowed to deduct the $40,000 loss this year if he is a material participant in the business.
TRUE or FALSE - you must explain your answer and/or provide a source to support it.
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