Question
Jose acquired a passive activity several years ago. At the beginning of 2017, his at-risk amount was $65,000. Jose had the following income and losses
Jose acquired a passive activity several years ago. At the beginning of 2017, his at-risk amount was $65,000. Jose had the following income and losses from this activity:
| 2017 | <89,000> passive loss |
| 2018 | 17,000 passive income |
| 2019 | 113,000 passive income; Additionally, Jose received a $5,000 distribution in 2019. |
How much is Jose’s At-risk basis, suspended at-risk losses, suspended passive activity losses, and deductible losses at the end of each year? Solve as we have in class (on your own paper, WORD doc, Excel, etc.) and enter year-end amounts in the table, below. Do not leave any items blank! If zero, enter 0.
| Date | At-Risk Basis | Suspended At-Risk Losses | Suspended Passive Activity Losses | Deductible |
| 12/31/2017 | ||||
| 12/31/2018 | ||||
| 12/31/2019 |
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Fundamentals Of Taxation 2015
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
8th Edition
1259293092, 978-1259293122, 1259293122, 978-1259293092
