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passive_loss_limits - During 2007 the business reports...

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Topic: The passive loss limitations Jane, a physician, provides the capital to purchase an interest in an orange grove. Jane hires an employee who takes care of the orange grove. During 2006, the business reports a loss of $20,000 because prices are low and the relatively young trees produce only a few oranges.
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Unformatted text preview: During 2007, the business reports another loss totaling $15,000. In 2008, the business earns $11,000. At the beginning of 2009, Jane sells the business for a gain of $13,000. Required : How much of the loss can Jane deduct in each year (2006-2009)?...
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