Question
6. (TCO I) A review of Bearing's Year 2 records disclosed the following tax information: Wages $ 18,000 Taxable interest and qualifying dividends 4,000 Schedule
6. (TCO I) A review of Bearing's Year 2 records disclosed the following tax information:
| Wages | $ 18,000 |
| Taxable interest and qualifying dividends | 4,000 |
| Schedule C trucking business net income | 32,000 |
| Rental (loss) from residential property | (35,000) |
| Limited partnership (loss) | (5,000) |
Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing's Year 2 adjusted gross income?
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Knowledge Audit A Complete Guide
Authors: The Art Of Service - Knowledge Audit Publishing
2021 Edition
1867424010, 978-1867424017
