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Clifford Johnson has a limited partnership investment and a

Where to start with this problem: Once I know what information to look for or where to go, I can figure it out.

Here is the problem:

Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2009, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $16,000. Assuming Clifford's modified adjusted gross income is $120,000 for 2009, complete Form 8582.

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You will need a Form 8582, either from your textbook or from the IRS website. Here is a link to one: http://www.irs.gov/pub/irs-pdf/f8582.pdf

Because this is a very short problem, it's really a matter of filling in the correct blanks. I can walk you through it. The first line that we need for this problem is 1b, activities with net loss. Our net loss in this ...

Solution Summary

Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2009, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $16,000. Assuming Clifford's modified adjusted gross income is $120,000 for 2009, complete Form 8582.

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