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What is the tax effect on reva and her daughter

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Reference no: EM13982465

1. Reva gave her daughter a passive activity last year that had an adjusted basis of $75,000. The activity had suspended losses of $35,000 and a fair market value of $120,000. In the current year, her daughter realized income of $18,000 from the passive activity. What is the tax effect on Reva and her daughter last year and in the current year? 

Reference no: EM13982465

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