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sarah has investments in four passive activity partnerships purchased several years 698824

Sarah has investments in four passive activity partnerships purchased several years ago. Last year the income and losses were as follows:

Activity

Income (Loss)

A

$ 30,000

B

(30,000)

C

(15,000)

D

(5,000)

In the current year, she sold her interest in Activity D for a $10,000 gain. Activity D, which had been profitable until last year, had a current loss of $1,500. How will the sale of Activity D affect Sarah’s taxable income in the current year?

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