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Choose the response that correctly completes the next sentence: When a taxpayer disposes of their...

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Accounting

Choose the response that correctly completes the next sentence: When a taxpayer disposes of their entire interest in a passive activity, the prior-year suspended passive activity losses _____:
Are normally deducted in full on Schedule E (Form 1040) in the year of sale if the buyer is an unrelated party.
Are deducted against ordinary income up to $3,000 and carried forward until depleted.
Are permanently disallowed.
Are carried back up to five years on amended returns.

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