ih Question 20 of 75 Which step must be completed first to determine the allowable losses when a taxpaye O Figure the allowable loss from other passive activities. O Figure the allowable loss from rental real estate activities with active participation. r has Figure the income or loss from each separate activity in the usual manner Figure the allowable loss from rental real estate activities with significant participation. Mark for follow up Question 21 of 75 Portfolio income includes all of the following EXCEPT: O Royalties not derived in the ordinary course of a trade or business. O Dividends from accumulated earnings and profits of an S corporation. Guaranteed payments received by a partner. O Interest Mark for follow up Question 22 of 75. Which of the following is an example of passive income? Portflio income, including interest, dividends, annuities, and royalties. Income from real estate ventures for a non-real estate professional. Winnings from gambling. O State and local refunds. Mark for follow up