Question
Please help me on this question Thanks Chapter 11 - 6 Five years ago Gerald invested $142,000 in a passive activity, his sole investment venture.
Please help me on this question Thanks Chapter 11 - 6 Five years ago Gerald invested $142,000 in a passive activity, his sole investment venture. On January 1, 2017, his amount at risk in the activity was $28,400. His shares of the income and losses were as follows: Year Income (Loss) 2017 ($42,600) 2018 (28,400) 2019 48,400
Gerald holds no suspended at-risk or passive activity losses at the beginning of 2017. If an answer is zero, enter "0". d. Assuming Gerald has $48,400 income in 2019, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended passive activity losses at the end of 2019?
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