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What is amount of gain wes will recognize on transaction

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Question - Wes owns an interest in a passive activity that has an adjusted basis of $250,000, which he sells in the current year for $350,000. The activity has suspended passive losses of $60,000. What is the amount of gain Wes will recognize on this transaction?

$350,000 gain

$290,000 gain

$100,000 gain

$40,000 gain

None of the above.

Reference no: EM132085784

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