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Finlay McDonald works full-time as a dentist and is in a 50% tax bracket. Finlay lives on an acreage and has operated a small farm since 2019. During 2019, Finlay incurred farm expenses totaling $38,500 and farm revenue of $5,200. Operations became more profitable in 2020 with farm revenues of $20,000 and expenses of $16,000. Required:
Problem 1: Name the type of loss that Finlay was able to recognize in 2019?
Problem 2: Calculate the loss from farming operations that Finlay was able to apply against other sources of income in 2019.
Problem 3: What effect will the 2019 operations have on Finlay's 2020 and future year's taxable income? Show your calculations.
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