Question
Carlos owns interests in three passive activities, A, B, and C only. His allocation of the gross income and deductions from these activities for this
Carlos owns interests in three passive activities, A, B, and C only.
His allocation of the gross income and deductions from these activities for this tax year are as follows:
| A | B | C | Total | ||||
| Gross income | $7,000 | $4,000 | $12,000 | $23,000 | |||
| Deductions | (16,000) | (20,000) | (8,000) | (44,000) | |||
| Net income (loss) | ($9,000) | ($16,000) | $4,000 | ($21,000) | |||
How is Carlos total passive activity losses for this tax year allocated? Why?
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Auditing Your Human Resources Department A Step By Step Guide
Authors: John H. McConnell
1st Edition
0814474675, 978-0814474679
