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Business, 03.12.2019 02:00 fheight01

Anumber of years ago, kay acquired an interest in a partnership in which she is not a material participant. kay's basis in her partnership interest at the beginning of 2015 is $40,000. kay's share of the partnership loss is $35,000 in 2015, while her share of the partnership income is $15,000 in 2016. how much may kay deduct in 2015 and 2016, assuming that she owns no other passive activities?

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