Passive activity losses $300000 Active income $500000 Portfolio income $ 100000 Taxable income is $ 600000 Explanation A

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answerhappygod
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Passive activity losses $300000 Active income $500000 Portfolio income $ 100000 Taxable income is $ 600000 Explanation A

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Passive activity losses $300000 Active income $500000 Portfolioincome $ 100000 Taxable income is $ 600000 Explanation According toIRS topic no. 425 , Passive activity losses can offset only bypassive income . Some passive losses can offset by active incomewhen AGI is less than $150000 and amount is limited to 25000 . IfAGI is more than $150000 no passive activity loss can bededucted.
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