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What is his gross profit ratio on the sale

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Question

Alfonso sells a passive activity in the current year for $800,000. His adjusted basis in the activity is $200,000, and he uses the installment method of reporting the gain. The activity has suspended losses of $44,000. Alfonso receives $400,000 in the year of sale.

a. What is his gross profit ratio on the sale?

b. His recognized gain for the current year is $.

c. Alfonso can currently deduct $ of suspended losses.

Reference no: EM132385536

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