itonewbie
Level 15
04-06-2020
07:13 AM
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There is no ambiguity around this and PS will handled it correctly. If you look at §1.1211-1(b)(2), you will see that it won't reduce the taxable income to below zero (even though it may appear on Line 6 that the entire $3,000 is being allowed on the return for no tax benefit).
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Still an AllStar
Still an AllStar