Carryover of Losses
A client has provided the following information for income tax purposes:
- $55,000 salary from an S corporation where the client serves as vice-president
- $4,500 loss from the S corporation
- $2,000 loss from a 4% interest in a limited partnership
- $1,300 loss from a 15% interest in Bayside Partnership in which the client does not materially participate
- $1,200 income from dividends
What amount of carryover losses will the client have?
- $2,000
- $3,300
- $4,500
- $6,000
