Kristen owns activity A which produced a $20,000 passive loss in 2020. Kristen's only income in 2020 was wages of $50,000. Kristen is a material participant in activity A in 2021 when it produces a $14,000 loss. In 2021, Kristen's wages are $60,000 and she has passive activity income from activity X of $17,000. What is the total passive activity loss carryover to 2022? $3,000 $-0- O$4,000 $17,000

Kristen owns activity A which produced a $20,000 passive loss in 2020. Kristen's only income in 2020 was wages of $50,000. Kristen is a material participant in activity A in 2021 when it produces a $14,000 loss. In 2021, Kristen's wages are $60,000 and she has passive activity income from activity X of $17,000. What is the total passive activity loss carryover to 2022? $3,000 $-0- O$4,000 $17,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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