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ACC 2205 Wes owns an interest in a passive activity that has an adjusted basis of $250,000

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June 7th, 2024

Wes owns an interest in a passive activity that has an adjusted basis of $250,000, which he sells in the current year for $350,000. The activity has suspended passive losses of $60,000. What is the amount of gain Wes will recognize on this transaction?$350,000 gain$290,000 gain$100,000 gain$40,000 gainNone of the above.

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