Brenda has the following gain and losses in 3 passive activities A B C 2018 $30K gain $33K loss $17K loss 2019 $30K loss $2K gain $13K gain How much loss is Brenda able to carryover in 2019 to 2020 for activity A Assume her AGI is less than 100K before considering these passive activities HINT This is a tricky question but dont let it stress you out Start in 2018 and allocate back to individual activities $25,485 $0 $15,000 $30,000 What would be the maximum loss deduction for active real rental activities if a taxpayers AGI was $110,000 $0, because passive losses are disallowed unless there is passive income $25,000 $5,000 $20,000 $10,000 A single taxpayer purchases stock directly from a local small business in 2014 At the time the business had less than a million in captial In 2020 you decide to sell the stock to another investor generating a $2,000 loss This is your only stock sale for the year How does this loss affect your 2020 taxes $,2,000 long term captial loss $2,000 short term capital loss $0, loss is not deductible $2,000 ordinary loss You purchase Wachovia stock on September 25th, 2019 for $10,000 Wachovia is completely liquidated (bankrupt) on June 15th, 2020 How does this affect your tax return $3,000 short term capital loss $3,000 long term capital loss $10,000 ordinary loss $10,000 long term capital loss $10,000 short term capital loss Pete works for a real estate company The company recently acquired a plot of land for $50,000 Pete asked his boss if he could purchase it The boss said Pete you are a great employee You have earned this land I'll let you have it for $30,000 What happens to the $20,000 discount The $20,000 will be included on Pete's return as wages (ordinary income) It also increases Pete's basis in the land to $50,000 Nothing This is a gift from his employer It is excluded from income Pete's basis in the land remains $30,000 The $20,000 will be included on Pete's return as a capital gain It also increases Pete's basis in the land to $50,000

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Brenda has the following gain and losses in 3 passive activities: A B C 2018 $30K gain $33K loss $17K loss 2019 $30K loss $2K

Brenda has the following gain and losses in 3 passive activities:

A B C

2018 $30K gain $33K loss $17K loss

2019 $30K loss $2K gain $13K gain

How much loss is Brenda able to carryover in 2019 to 2020 for activity A? Assume her AGI is less than 100K before considering these passive activities. HINT: This is a tricky question but dont let it stress you out. Start in 2018 and allocate back to individual activities.

$25,485

$0

$15,000

$30,000
What would be the maximum loss deduction for active real rental activities if a taxpayers AGI was $110,000?

$0, because passive losses are disallowed unless there is passive income.

$25,000

$5,000

$20,000

$10,000
A single taxpayer purchases stock directly from a local small business in 2014. At the time the business had less than a million in captial. In 2020 you decide to sell the stock to another investor generating a $2,000 loss. This is your only stock sale for the year. How does this loss affect your 2020 taxes?

$,2,000 long-term captial loss

$2,000 short-term capital loss

$0, loss is not deductible

$2,000 ordinary loss
You purchase Wachovia stock on September 25th, 2019 for $10,000. Wachovia is completely liquidated (bankrupt) on June 15th, 2020. How does this affect your tax return?

$3,000 short-term capital loss

$3,000 long-term capital loss

$10,000 ordinary loss

$10,000 long-term capital loss

$10,000 short-term capital loss

Pete works for a real estate company. The company recently acquired a plot of land for $50,000. Pete asked his boss if he could purchase it. The boss said "Pete you are a great employee. You have earned this land. I'll let you have it for $30,000." What happens to the $20,000 discount?

		The $20,000 will be included on Pete's return as wages (ordinary income). It also increases Pete's basis in the land to $50,000.
		Nothing. This is a gift from his employer. It is excluded from income. Pete's basis in the land remains $30,000.
		The $20,000 will be included on Pete's return as a capital gain. It also increases Pete's basis in the land to $50,000.