Bill Goggans died and left passive activity property to his nephew, Travis. Bil's basis in...
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Bill Goggans died and left passive activity property to his nephew, Travis. Bil's basis in the activity was $30,000, while Travis' basis was stepped up to $50,000. Suspended losses amounted to $22,000. How much is the passive loss deduction that can offset nonpassive income? 8. a. $22,000 b. $30,000 c. $2,000 d. None of these. 19. Bob Mapp gave his daughter a limited partnership interest in a real estate activity. Suspended losses amounted to $30,000. Bob's adjusted basis at the time of the gift was $40,000 (fair market value was greater than $40,000). What is the daughter's basis in the property? a. $40,000 b. $30,000 c. $70,000 d. None of these. iue activity is $50,000 at the beginning of the current year
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