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Ravi owns one passive activity interest in the Bold Limited Partnership (BLP) that he bought...

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Accounting

Ravi owns one passive activity interest in the Bold Limited Partnership (BLP) that he bought 3 years ago.

This tax year, Ravi earns a $60,000 salary and sells his entire BLP interest to an unrelated person for $30,000. His adjusted basis in his BLP interest is $42,000, and he has a carry forward of $2,000 of unused ordinary passive activity loss from BLP. He has no other income.

How much, if any, is Ravis gross income subject to tax? Why?

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