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Business, 07.05.2021 16:20 18sofia18

A number of years ago, Kay acquired an interest in a partnership in which she is not a material participant. Kay's basis in her partnership interest at the beginning of 2019 is $40,000. Kay's share of the partnership loss is $35,000 in 2019, while her share of the partnership income is $15,000 in 2020. How much may Kay deduct in 2019 and 2020, assuming that she owns no other passive activities

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A number of years ago, Kay acquired an interest in a partnership in which she is not a material part...
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