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Calculate the amount of Walter’s allowable deduction for rental house activities for 2016 b. Calculate the amount of Walter’s allowable deduction for the partnership losses for 2016 c. What may be done with the unused losses, if anything?

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walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1990. He also acquired a rental house in 2016, which he actively manages. During 2016, Walter’s share of the partnership’s losses was 30000 and his rental house generated 20,000 in losses.Walter’s modified adjusted gross income before passive losses is $125,000. 1. Calculate the amount of Walter’s allowable deduction for rental house activities for 2016 b. Calculate the amount of Walter’s allowable deduction for the partnership losses for 2016 c. What may be done with the unused losses, if anything?

 
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