Question
Ms. Adams owns an interest in ABCD Partnership, which is a passive activity. At the beginning of the year, she projects that her share of
Ms. Adams owns an interest in ABCD Partnership, which is a passive activity. At the beginning of the year, she projects that her share of ABCDs business loss will be $16,080 and that she will have the following additional items:
| Net profit from her consulting business | $ 75,100 |
|---|---|
| Deduction for SE tax | (5,439) |
| Interest and dividends | 1,580 |
Required: Ms. Adams plans to buy a rental house that should generate $9,640 income this year. Compute her AGI and the tax cost of her projected rent income.
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The Social Function Of AccountsReforming Accountancy To Serve Mankind
Authors: John Flower
1st Edition
1138645249, 9781138645240
