11.The Schedule K-1, Form 1065 is used to report __________.

A. Each partner's share of the partnership's income, deductions, and credits.

B. The partnership's income, deductions, and credits.

C. Each partner's share of the partnership's passive income, deductions, and credits.

D. The partnership's active income, deductions, credits, and risk.

12.Lisa Dappers is single and has a modified AGI of $64,550. She has income of $7,500 from a limited partnership in which she does not materially participate, and she has a loss of $8,550 from active participant rental real estate activities. Lisa is not a real estate professional. What is the amount of passive activity losses allowed in 2019?

A. $1,050

B. $7,500

C. $8,550

D. $16,050

13.Manuela began renting her entire main home at fair rental value on May 1, 2008. When she converted the house to rental property, the adjusted basis was $205,000, which included $18,000 of value attributable to the land. The fair market value at the time of conversion was $195,000, including land value of $10,000. In 2019, Manuela received $19,200 in rental income from the property. Her expenses for the year included: yard maintenance, $480; repairs, $850; property insurance, $2,520; mortgage interest $8,960; real estate tax, $2,750. What is Manuela's loss on the rental property?

A. ($3,861)

B. ($3,766)

C. ($3,693)

D. ($3,088)

14.Russell and Shannon are married and file a joint return. Their modified adjusted gross income is $79,000. Russell has losses of $18,000 from rental activities in which he actively participates. Shannon has a $3,000 loss from a limited partnership in which she does not materially participate. What is the amount of their allowable passive loss?

A. $3,000

B. $7,000

C. $15,000

D. $18,000

15.Where does depreciable real business property, held long-term, and sold at a loss, first get reported on Form 4797?

A. Part I

B. Part II

C. Part III

D. Part IV