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Calculate the amount of Walter allowable loss

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Reference no: EM132674714

Problem - Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993. He also acquired a rental house in 2019, which he actively manages. During 2019, Walter's share of the partnership's losses was $30,000, and his rental house generated $20,000 in losses. Walter's modified adjusted gross income before passive losses is $130,000.

Required -

a. Calculate the amount of Walter's allowable loss for rental house activities for 2019.

b. Calculate the amount of Walter's allowable loss for the partnership activities for 2019.

c. What may be done with the unused losses, if anything?

Reference no: EM132674714

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