Question
3. Obi-Wan has the following income and losses for 2020: Wages $50,000 Partnership 1 Income $35,000 Material participant Partnership 2 Loss ($18,000) Not a material
3. Obi-Wan has the following income and losses for 2020:
Wages $50,000
Partnership 1 Income $35,000 Material participant
Partnership 2 Loss ($18,000) Not a material participant, no at-risk or basis limitations S
Corp 1 Loss ($45,000) Material participant, no at-risk or basis limitations
S Corp 2 Income 11,000 Not a material participant
Calculate his AGI for 2020.
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3 Column Record 100 Page Account Book
Authors: IJ Publishing LLC
Ntb Edition
1537091360, 978-1537091365
