Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help :) Question 4 Alice has the following items in 2022. Her AGI before any items below is 0. - Alice has the tax-basis

please help :)
image text in transcribed
Question 4 Alice has the following items in 2022. Her AGI before any items below is 0. - Alice has the tax-basis in her Alice in the Wonderland LLC of \$60k. Alice in the Wonderland LLC has a loss and Alice's share of the loss is \$80k. Alice does not actively work for the LLC. - Alice invests in stock and has a $2k long-term capital gain and $3k of short-term capital gain. - Alice has a small online shop which she very rarely manages. Most work is done by a manager and Alice's only job is to collect money from the store. The business generates $10K income - Alice has a spare home in Honolulu which she rents out on Airbnb. The Airbnb rental business has a bad year with a $12k loss. - Alice's main job is being the managing director at Alice-a Keys LLC, a company specializing in producing R\&B music tracks. Alice is also the sole owner of the LLC. In 2022, the company generates $25k How much loss from the business activities can Alice deduct in 2022 ? How much of the loss is carried forward (report loss carried forward separately)? Show step-by-step calculation and explanation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic And Investigative Accounting

Authors: D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith

7th Edition

0808040731, 9780808040736

More Books

Students also viewed these Accounting questions