Clifford Johnson has a limited partnership investment and a rental condominium

| March 29, 2017

Question
Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2015, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $18,000. Assume Clifford’s modified adjusted gross income is $120,000 for 2015, he has no prior year unallowed losses from either activity, and he and his wife will file a joint return.

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