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Calculate the deduction amounts for Sherry tax return

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Reference no: EM132674632

Problem - Sherry Moore has a limited partnership investment in a commercial rental project in which she has no personal involvement. During 2019, her share of the partnership loss equals $15,000. Sherry also has a rental house that she actively manages, and this activity generated a $21,000 loss for 2019. Sherry had no passive loss carryover from prior years. If Sherry's modified adjusted gross income before passive losses is $102,000, calculate the deduction amounts for Sherry's 2019 tax return using Form 8582.

Reference no: EM132674632

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