race acquired an activity four years ago. The loss from the activity is $50,000 in the current year (at-risk basis of $40,000 as of the beginning of the year). Without considering the loss from the activity, she has gross income of $140,000. If the activity is a convenience store and Grace is a material participant, what is the effect of the activity on her taxable income? Grace may deduct $ of the $50,000 loss due to the rules. $ is suspended. The available loss subject to the passive activity loss rules because. As a result, Grace's income for tax purposes is $.
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