Question
During the current year, Flora, a married individual who files a joint return, reports the following items of income and loss: Requirements a. What is
During the current year, Flora, a married individual who files a joint return, reports the following items of income and loss:
Requirements
| a. | What is Flora's AGI for the year? |
| b. | What is the amount of suspended losses (if any) that may be carried over with respect to each activity? |
Requirement a. What is Flora's AGI for the year?
| Flora's AGI for the year is | $132,000 | . |
Requirement b. What is the amount of suspended losses (if any) that may be carried over with respect to each activity? (Do not round intermediary calculations.)
|
| Suspended loss |
|---|---|
| Activity Y | |
| Activity Z |
|
.
|
|
|
Data Table
| Salary | $138,000 |
|---|---|
| Activity X (passive) | 8,000 |
| Activity Y (rental real estate, nontrade or business) | (26,000) |
| Activity Z (rental real estate, nontrade or business) | (14,000) |
Flora actively participates in activities Y and Z and owns 100% of both Y and Z.
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Managerial Accounting Decision Making and Motivating Performance
Authors: Srikant M. Datar, Madhav V. Rajan
1st edition
132816245, 9780132816243, 978-0137024872
