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Rex Remington has the following passive activity items:
Prior-year passive loss carryforward amounts:
Current-year passive income and loss amounts:
$5,000 ABC PTP
$2,000 DEF PTP
$4,000 XYZ PTP
$10,000 CHI
($7,000) JKL
($8,000) RST
Note: PTP denotes Publicly Traded Partnership, all other activity is private interest.
Problem 1: How much were the total losses that were used and how much loss is suspended to next year? (Both PTP and private interest)
A. ($13,000) used, ($13,000) suspended
B. ($17,000) used, ($9,000) suspended
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