Sherry Moore has a limited partnership investment in a commercial rental project in which she has no

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Sherry Moore has a limited partnership investment in a commercial rental project in which she has no personal involvement. During 2010, her share of the partnership loss equals $15,000. Sherry also has a rental house that she actively manages, and this activity generated a $21,000 loss for 2010. Sherry had no passive loss carryover from prior years. If Sherry’s modified adjusted gross income before passive losses is $102,000, calculate the deduction amounts for Sherry’s 2010 tax return using Form 8582 on page 3-13.

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Income Tax Fundamentals 2011

ISBN: 9780538469197

29th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller

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