Smith bought a rental property in Year 1 for $100,000. In Year 1, Smith's Adjusted Gross Income (AGI) was $125,000 and Smith sustained a $30,000 lass on the property. In Year 2, Smith's AGI was $175,000 and Smith sustained a $20,000 loss on the property. In Year 3, Smith sold the property for $155,000. What amount of gain or lass must Smith report on Smith's Year 3 tax return as a result of the sale? Assume Smith actively participated in the rental activity in all three years, but is not considered a real estate professional for tax purposes. $17,500 gain $22,500 gain $0 (no gain or loss) $20,000 gain Patel bought a rental property in Year 1 for $150,000. In Year 1, Patel's Adjusted Gross Income (AGI) was $100,000 and Patel sustained a $15,000 lass on the property. In Year 2, Patel's AGI was $140,000 and Patel sustained a $10,000 lass on the property. In Year 3, Patel sold the property for $175,000. What amount of gain or lass must Patel report on Patel's Year 3 tax return as a result of the sale? Assume Patel did not actively participate in the rental activity in any of the three years. $25,000 $5,000 $0 (no income or loss) $20,000 The following chart applies to Bettelli, an investor who owns two rental activities, Property' A and Property' B, and has no other involvement in passive activities: Bettelli met the requirements for active participation in Year 1 but not in Year 2. Bettelli's AGI in Year 1 was $140,000; in Year 2, $180,000. In Year 3, Bettelli sells Property' A for a $15,000 gain. How' much of the gain must Bettelli report on Bettelli's Year 3 tax return? $0 c. $8,000 $3,000 $13,000 7. In 20X4 Albert, Berry, and Collins formed ABC Partnership. Collins, a limited partner, contributed $20,000 in cash to the partnership and also pledged $10,000 of personal property' as collateral to meet any partnership debts that may arise. ABC Partnership loss is $50,000. How' much of the lass is deductible by Collins under the at risk rules? $0 $10,000 $20,000 $30,000