This year Robert had the following income and losses from four passive activities: Activity 1 $(21,000) Activity
Fantastic news! We've Found the answer you've been seeking!
Question:
This year Robert had the following income and losses from four passive activities:
Activity 1 $(21,000)
Activity 2 (10,600)
Activity 3 (5,400)
Activity 4 34,600
Activity 4 had $10,500 of passive losses that are carried over from a prior year. Robert also had wages of $118,000.
If Activity 1 were sold at an $19,300 gain, what would be the total income or loss from the four activities?
Net income = ?
Posted Date: