Homework Answers
Option B is correct
B) salary of 100000 and deductible net losses 10000
Because:-
- Passive activity losses can only be used to offset passive income
- Passive activity losses cannot be setoff with active income like salary,wages,etc
Salary income will be fully taken
Passive income of activity A i.e. 50000 will be offset with activity B&C losses i.e. 20000+40000
So, the net losses will be 10000
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Please show all calculations.
14. Shunwei reports the following income and loss: Salary Income from activity...
Nell earns $50,000 salary income in the current year. In addition, Nell sells a passive activity...
Nell earns $50,000 salary income in the current year. In addition, Nell sells a passive activity with an adjusted basis of $45,000 for $155,000 in the current year. Suspended losses attributable to this property total $45,000. Nell owns another separate passive activity which has $10,000 passive loss for the current year and $80,000 suspended passive losses from prior years. Nell will report the following on her current year income tax return (as a result of just these transactions): a. $$50,000...
also how much of activity As loss is suspended? year Activity Gain/(Loss) (550,000) ($30,000) ($20,000) $40,000...
also how much of activity As loss is suspended?
year Activity Gain/(Loss) (550,000) ($30,000) ($20,000) $40,000 Total (560,000) 40. How much of the $60,000 net passive loss can you deduct this year? aa $40,000 ob b. $0 c. $60,000 od d None of the above.
Exercise 20-14 (LO. 1) The entity reports the following transactions for the 2019 tax year. The...
Exercise 20-14 (LO. 1) The entity reports the following transactions for the 2019 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations Interest income, City of San Antonio bonds Fiduciary fees, deductible portion Net rental losses, passive activity $500,000 30,000 40,000 (15,000) (100,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places. Compute the Federal income tax liability for...
In 2018, Devin invested $200,000 as a limited partner in a XYZ Limited Partnership.Devin’s share of...
In 2018, Devin invested $200,000 as a limited partner in a XYZ Limited Partnership.Devin’s share of XYZ LP’s deductible loss for 2018 was $20,000.In 2018, Devin also had $100,000 in salary income, $7,000 in portfolio income, and$11,000 in passive income (from another passive activity - ABC LP). What amount of the$20,000 loss from XYZ LP can Devin deduct in 2018? Enter as a positive number. Same facts as previous question. In 2019, Devin's share of income from XYZ LP was...
T-12. During 2019, Hugh had the following net income and loss with respect to nonrental nonreal...
T-12. During 2019, Hugh had the following net income and loss with respect to nonrental nonreal estate activities: Activity X ($50,000) net loss Activity Y $20,000 net income Both Activity X and Activity Y are passive activities to Hugh. Hugh purchased Activity X in 1987 and Activity Y in 1993. How much loss that Hugh may deduct in 2019? a. ($50,000) b. ($30,000) c. ($3,000) d. $0 d. None of these Please show your calculations. Thanks.
Tax Accounting
Question 162 ptsDuring the tax year, Z Co. had the following items:Gross income from operations $90,000Dividends received$50,000Dividends received deduction $25,000Deductible ordinary business expenses$30,000Contributions to capital$10,000Federal income tax refund$40,000Tax-exempt interest income$25,000Charitable contributions $3,000Straight line depreciation$7,000Accelerated depreciation in excess of straight line$3,200Capital losses$70,000Capital loss carryovers$4,800Federal income taxes paid$15,000Net operating loss carryover$30,000Z Co.'s current E&P is Group of answer choicesNone of these.$80,000$100,000$90,000
The independent cases are listed below includes all balance sheet accounts related to operating activities: Net...
The independent cases are listed below includes all balance sheet accounts related to operating activities: Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Case A $310, 689 40,000 100,000 (50,000) (50,000) 60,000 Case B $ 15,000 150,000 (200,000) 35,000 120, (220,000) Case C $420,000 80,000 (20,000) 50,000 70,000 (40,000) Show the operating activities section of cash flows for each of the given cases. (Amounts to minus sign.) Case A...
Five years ago, Gerald invested $150,000 in a passive activity, his sole investment venture. On January...
Five years ago, Gerald invested $150,000 in a passive activity, his sole investment venture. On January 1, 2018, his amount at risk in the activity was $30,000. His shares of the income and losses were as follows: Year Income (Loss) 2018 ($40,000) 2019 (30,000) 2020 50,000 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2018. If an answer is zero, enter "0". A) If losses were limited only by the at-risk rules, how much can...
QUESTION 28 Stan, a professor, earned a salary of $120,000 from State University in the current...
QUESTION 28 Stan, a professor, earned a salary of $120,000 from State University in the current year. He received $25,000 in dividends and interest during the year. In addition, he incurred a loss of $40,000 from an investment in a passive activity. What is Stan's adjusted gross income for the current year? a $110,000 o a b. b. $145,000 . c c $105,000 od d. None of the above.
Problem 6-33 (LO. 5, 6, 8) Five years ago, Gerald invested $150,000 in a passive activity,...
Problem 6-33 (LO. 5, 6, 8) Five years ago, Gerald invested $150,000 in a passive activity, his sole investment venture. On January 1, 2018, his amount at risk in the activity was $30,000. His shares of the income and losses were as follows: Year Income (Loss) 2018 ($40,000) 2019 (30,000) 2020 50,000 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2018. If an answer is zero, enter "0". a. If losses were limited only by...
also how much of activity As loss is suspended?
year Activity Gain/(Loss) (550,000) ($30,000) ($20,000) $40,000 Total (560,000) 40. How much of the $60,000 net passive loss can you deduct this year? aa $40,000 ob b. $0 c. $60,000 od d None of the above.
Exercise 20-14 (LO. 1) The entity reports the following transactions for the 2019 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations Interest income, City of San Antonio bonds Fiduciary fees, deductible portion Net rental losses, passive activity $500,000 30,000 40,000 (15,000) (100,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places. Compute the Federal income tax liability for...
The independent cases are listed below includes all balance sheet accounts related to operating activities: Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Case A $310, 689 40,000 100,000 (50,000) (50,000) 60,000 Case B $ 15,000 150,000 (200,000) 35,000 120, (220,000) Case C $420,000 80,000 (20,000) 50,000 70,000 (40,000) Show the operating activities section of cash flows for each of the given cases. (Amounts to minus sign.) Case A...
QUESTION 28 Stan, a professor, earned a salary of $120,000 from State University in the current year. He received $25,000 in dividends and interest during the year. In addition, he incurred a loss of $40,000 from an investment in a passive activity. What is Stan's adjusted gross income for the current year? a $110,000 o a b. b. $145,000 . c c $105,000 od d. None of the above.
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