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haileysolis5
02.03.2020 •
Business
In the current year, a taxpayer reports the following items: Salary $50,000 Income from partnership A, in which the taxpayer materially participates 20,000 Passive activity loss from partnership B (40,000) During the year, the taxpayer disposed of the interest in partnership B, which had a suspended loss carryover of $10,000 from prior years. What is the taxpayer's adjusted gross income for the current year
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Ответ:
Usually, passive loss cannot be taken without passive gain.
but when that passive activity interest has been sold in that year, the loss in that activity can be taken
Explanation:
Ответ:
$20,000
Explanation:
taxpayer's adjusted gross income = salary ($50,000) + income from partnership ($20,000) - passive loss from partnership ($40,000) - previously suspended carryover loss ($10,000) = $20,000
The salary and partnership income increase taxable income. Since the passive losses were attributable to passive activities form the partnership, they will decrease the taxpayer's income (including the carryover loss).
Ответ:
you're about 15 years old