Question
4. Michael invested $130,000 in Halpert Partnership in 2021. He also invested $130,000 in Beesly Partnership. Assume he does not materially participate in either activity
4. Michael invested $130,000 in Halpert Partnership in 2021. He also invested $130,000 in Beesly Partnership. Assume he does not materially participate in either activity and neither partnership has taken out any debt. His share of Halpert Partnership activity for 2021 was a $170,000 loss and his share of Beesly Partnership activity for 2021 was $80,000 in income. Also in 2021, Michael invested $50,000 in Schrute Partnership and he materially participates in this activity. His share of income for the year from this activity was $28,000. Finally, Michael invested $92,000 in Bratton Partnership and materially participated in this activity. His share of income for the year from this activity was a $120,000 loss. Calculate Michaels AGI for 2021 assuming these are his only transactions for 2021. If there is any suspended loss, indicate why and the amount.
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