income federal taxation

federal income taxation

WIP Last Cart Was 2 minutes ago Times New... 12 + B I VA GPB E DE E 1 1 2 3 AT 5 QUESTION EIGHT (SEVEN POINTS) Geneva started Mastadon Inc. in 2005 and participated in the business (performing consulting services) for more than 700 hours per year from 2009 to 2014. Due to other responsibilities, Geneva has not participated in the business from 2015 to 2017. In 2018. Geneva participates in the business for 150 hours and contributes more time to the business than any other individual (including employees) During these years. Geneva derires most of her income from her salary as a CPA Unfortunately, in 2019. Geneva had a $50,000 loss from the business. Will Geneva be permitted to offset her loss from the consulting business against her salary as a CPA in 2010 (assuming no participation in the business for 2019) If so, why Hourould your answer change if she had a basis and at-risk amount of $10,000 in the consulting business Gilena $10.000 at-risk amount, what strategies would you recommend to Genera if she is interested in mamizing her tax deduction