I need to fill the blank. It was not 60,000 or 40,000 Problem 11-37 (LO. 1, 3) D

Question

I need to fill the blank. It was not 60,000 or 40,000

Problem 11-37 (LO. 1, 3) Dorothy acquired a 100% interest in two passive activities: Activity A in January 2012 and Activity B in 2013, Through 2015, Activity A was profitable, but it produced losses of $200,000 in 2016 and $100,000 in 2017. Dorothy has passive activity income from Activity B of $20,000 in 2016 and $40,000 in 2017. After offsetting passive activity income, how much of the net losses may she deduct? If an amount is zero, enter "O" In 2016, Dorothy may deduct of the net passive activity losses and has 180,000 of passive activity losses suspended. In 2017, Dorothy may deduct$ of the net passive activity losses and has total suspended losses carried forward to 2018 of

Explanation / Answer

In 2016, Dorothy may deduct $20,000 of the net passive activity losses and has $180,000 of passive activity losses suspended. In 2017, Dorothy may deduct $40,000 of the net passive activity losses and has toatl suspended losses carried forward to 2018 of $240,000.

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