Homework Answers
Part A
|
Salary |
100000 |
|
Interest income |
20000 |
|
AGI 2019 |
$120000 |
Partnership loss is the passive loss and it is not included
Part B
|
Salary |
100000 |
|
|
Interest income |
20000 |
|
|
Partnership income |
12000 |
|
|
Passive activity loss |
(12000) |
0 |
|
AGI 2020 |
120000 |
Part C
No, there wouldn’t be any change in the answer. The passive losses are to be deduced to the extent of a passive income.
Part D
|
Gain |
40000 |
|
Passive activity loss: remaining (40000-12000) |
28000 |
|
Net gain |
$12000 |
Add Answer to:
12-19 Passive-Activity Limitations. Mis a successful banker. Two years ago, M's 27-year- old son, J. asked...
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part 2 number 3 Activity in the capital accounts o 2019, follows: apital accounts of the...
part 2 number 3
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HP III IIUIT IL WUJU C u partici. 12-19 Passive-Activity Limitations. M is a successful banker. Two years ago, M's 27-year- old son, J, asked his dad to become his partner in opening a sporting goods store. Magreed and contributed $50,000 for a 50% interest in the partnership. J operates the store on his own, receiving little advice from his father. Information regarding M's financial activities reveals the following for the past two years: Interest Partnership Year Salary Income Income...
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12-18 b. Passive Activities. G is the head chef for Hall-way Alls, lakinig a salary of $70,000 a year. In addition, his portfolio income is about $20.000 VAN the years, G has made numerous investments and has been a participant in mar ventures. Indicate whether the passive activity rules would apply in each of thi following situations: a. A $10,000 loss from G's interest in Flimsy Films, a limited partnership. G is a limited partner. A $5,000 loss from G's...
Based only on the example provided, fil out the form below with
the ordinary income and the three items that must be reported
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[6] For the current year, the Murray and Parker Partnership had book income of $100,000, which included the following: Long-term capital gain $7,000 Sec. 1231 loss (3.000) Dividends 200 Interest paid to partners for use of capital 12,000 The partners share profits and losses equally. What amount of partnership income (excluding all partnership items which must...
part 2 number 3
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