During the current year, Juan, a single individual, has AGI of $124,000 before taking into account any

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During the current year, Juan, a single individual, has AGI of $124,000 before taking into account any passive activity losses. He also actively participates and owns 100% of activity A, which is a real estate rental activity. For the year, activity A generates a net loss of $6,000 and $3,000 in tax credits. Juan is in the 28% tax bracket. What is the amount of suspended loss and credit from activity A that must be carried to subsequent years?
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Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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