During 2020, Hugh Hughes reported the following income and loss: Activity X ($50,000) ...
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Accounting
During 2020, Hugh Hughes reported the following income and loss:
Activity X ($50,000)
Activity Y $20,000
Both Activity X and Activity Y are passive to Mr. Hughes. Hugh purchased Activity X in 1988 and Activity Y in 2013. How much of the net loss may Mr. Hughes deduct in 2020?
Question 7 options:
1)
$0
2)
$50,000
3)
$30,000
4)
$3,000
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