How much of the loss may be deducted against active and, Accounting Basics

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How much of the loss may be deducted against active and

Problem

Leslie Ann owned an interest in several limited partnerships in 2016. Gains and losses passed through to Leslie are as follows. Partnership Date Acquired Allocated Gain (Loss) O & G 1 3/26/84 $12,000 O & G 2 5/19/86 (30,000) O & G 3 11/13/88 ( 5,000) O & G 4 1/08/89 ( 6,000) O & G 5 7/11/90 20,000.

(a) What is Leslie'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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