Jackson invested $190,000 in a passive activity five years ago. On January 1, 2012, his at-risk amount

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Jackson invested $190,000 in a passive activity five years ago. On January 1, 2012, his at-risk amount in the activity was $45,000. His share of the income and losses in the activity were $52,000 loss in 2012, $20,000 loss in 2013, and $80,000 gain in 2014. How much can Jackson deduct in 2012 and 2013? What is his taxable income from the activity in 2014? Keep in mind the at-risk rules as well as the passive loss rules.
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Fundamentals Of Taxation 2015

ISBN: 9781259293092

8th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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