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Problem - Leon sells his interest in a passive activity for $100,000. Determine the tax effect of the sale based on each of the following independent facts:
a. Adjusted basis in this investment is $35,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000.
b. Adjusted basis in this investment is $75,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000.
c. Adjusted basis in this investment is $75,000. Losses from prior years that were not deductible due to the passive activity loss restrictions total $40,000. In addition, suspended credits total $10,000.
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