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| Which of the following statements regarding an individual's suspended passive activity losses is correct? A. $3,000 of suspended losses can be utilized each year against portfolio income. B. Suspended losses can be carried forward, but not back, until utilized. C. Suspended losses must be carried back three years and forward seven years. D. A maximum of 50% of the suspended losses can be used each year when an election is made to forgo the carry-back period. |