RECOMMENDED!!ACCT553 1-Kathleen Cavanaugh owned an interest in several limited

  

Kathleen Cavanaugh owned an interest in several limited partnerships in 2016. Gains and losses are as follows for 2016.PartnershipDate AcquiredAllocated Gain (Loss)O & G 13/26/84$10,000O & G 25/19/86(30,000)O & G 311/13/88(5,000)O & G 41/08/89(6,000)O & G 57/11/9020,000(a) What is Kathleen’s net passive loss for 2016?(b) How much of the loss may be deducted against active and portfolio income?(c) How much of the loss is a suspended loss?

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