Walter a single taxpayer purchased a limited partnership


Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1985. He also acquired a rental house in 2015, which he actively manages. During 2015, Walter's share of the partnership's losses was $22,000, and his rental house generated $35,000 in losses. Walter's modified adjusted gross income before passive losses is $130,500.

a. Calculate the amount of Walter's allowable deduction for rental house activities for 2015.

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Financial Accounting: Walter a single taxpayer purchased a limited partnership
Reference No:- TGS01667038

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