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During the current year, Ethan performs personal services as-(Answered)

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During the current year, Ethan performs personal services as follows: 800 hours in his informationtechnology consultingpractice, 625 hours in areal estatedevelopmentbusiness, and 510 hours in a condominium leasing operation. He expects that losses will be realized from the tworealestate ventures while his consulting practice will show a profit. Ethan files a jointreturnwith his wife whose salary is $125,000. The income and losses from the following ventures is considered active and not subject to the passive loss limitations:

 

Paper#9209544 | Written in 27-Jul-2016

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