Tom Joad sells a limited partnership interest for a $900 capital gain in the current year.He has a suspended loss of $1,000 and a current year loss of $250 from this partnership interest.Which of the following describes the correct tax result in the current year?

Question 17 options:

He will report his capital gain and he may deduct all of this losses

He will report his gain and deduct his losses up to that amount of gain

He will report the gain and deduct the current loss only

None of the above

Lana earns $135,000 per year as a mid-level manager.She also has some income from investment property.She has $1,000 of interest and $2,000 of dividend income.She has $3,000 of pass through income from a limited partnership interest she owns.Finally, she has a loss of $10,000 from an apartment building she owns.Although she does hire part-time help with the apartment building, she makes all management decisions for the building.Lana's adjusted gross income for the year is _____________

Question 20 options:

$131,000

$141,000

$132,000