In the current year Kent reports income and losses from the following activities: Activities X,Y,...
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In the current year Kent reports income and losses from the following activities: Activities X,Y, and Z are all passive with respect to Kent. Activity Z has $39,000 in passive losses which are carried over from the prior year. In the current year Kent sells activity Z for a taxable gain of $27,000. Requirement a. What is the amount of loss that Kent may deduct and what is the amount that must be carried over in the current year? (Enter a " 0 " for amounts with a zero balance.) Loss deductible in current year Amount carried over to next year Requirement b. Based solely on the amounts above, compute Kent's AGI for the current year. Kent's AGI for the current year is
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In the current year Kent reports income and losses from the following activities: Activities X,Y, and Z are all passive with respect to Kent. Activity Z has $39,000 in passive losses which are carried over from the prior year. In the current year Kent sells activity Z for a taxable gain of $27,000. Requirement a. What is the amount of loss that Kent may deduct and what is the amount that must be carried over in the current year? (Enter a " 0 " for amounts with a zero balance.) Loss deductible in current year Amount carried over to next year Requirement b. Based solely on the amounts above, compute Kent's AGI for the current year. Kent's AGI for the current year is 