How much can deduct in each year in partnership
In 2007, Fred invested $50,000 in a general partnership.Fred's interest is not considered to be a passive activity. If his share of the partnership losses is $35,000 in 2007 and$25,000 in 2008, how much can he deduct in each year?
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If his share of the partnership losses is $35,000 in 2007 and$25,000 in 2008, how much can he deduct in each year?
Leesburg sold a machine for $2,200 on November 10th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of depreciation deductions. What is Leesburg's gain or loss realized on the machine?
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