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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.

#### Solution Preview

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.

\$2.19