Question
George, a self-employed CPA, earns $150,000 from his accounting practice in the current year. He also receives $30,000 in dividends and interest during the year.
George, a self-employed CPA, earns $150,000 from his accounting practice in the current year. He also receives $30,000 in dividends and interest during the year. In addition, he incurs a loss of $50,000 from an investment in a passive activity. What is Georges AGI for the current year after considering the passive investment?
a.
$140,000
b.
$90,000
c.
$180,000
d.
$130,000
-
In 2019, Brad invested $20,000 in a general partnership which is not considered a passive activity. If his share of the partnership losses is $15,000 in 2019 and $10,000 in 2020, how much can he deduct in each year?
2019 - 15,000
2020 - 10,000
2019 - 0
2020 - 0
2019 - 15,000
2020 - 0
2019 - 15,000
2020 - 5,000
2019 - 20,000
2020 - 0
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