Week2_Bancroft

Week2_Bancroft - Suspended passive loss from Part B of...

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30a From b For c From d From 33 35 18000 123 $6,116.02 362 Yes, Bevis will get to deduct $6,116.02 of the property tax paid. 42 LB Corp can deduct $10,960 for depreciation. No, Jack's father can't claim a deduction for a business interest expense for paying the interest on Jack's loan. He had no obligation to pay the loan. Jack can't claim it either, because he wasn't the one that paid it.
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31 Offset $8000 in passive income from Part. A with $8000 in losses from Part B. 1/1/2010 he is at risk for $18000 (10000+10000) for Part A 1/1/2010 he is at risk for $10,000 (22000-12000) for Part B Suspended passive loss for Part B of $4000 (12000-8000) No loss carryover. 32 Offset $9000 in passive income from Part A with $9000 in losses from Part B. 1/1/2010 he is at risk for $19000 (10000+9000) for Part A 1/1/2010 he is at rosk for 0 for Part B (22000-22000)
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Unformatted text preview: Suspended passive loss from Part B of $13000 (22000-9000) Since at risk for $22000 in Part B, loss carryover for Part B of $3000 (22000-25000) 39 Passive Loss Deduction--None Suspended Losses--2010 losses were offset by an equal amount of income, so they are the samke as pre-2010 suspended losses. 41 Flower shop (not passive) $45,000 Dividends from stock 12,000 Interest from bonds 14,000 Total Income 71,000 Less: rental property loss (18,000) AGI $53,000 48a Adjusted basis of property $8,000 Less: Ins reimbursement 7,500 Nonpesonal theft loss deduction $500 b Lesser of adj basis or decline in FMV $3,000 Less: Ins reimbursement 3,500 Nonpersonal casualty loss deduction $- c Adjusted basis of property $9,000 Less: Ins reimbursement 6,000 Nonpersonal casualty loss deduction $3,000 34 $13,000 50 b...
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Week2_Bancroft - Suspended passive loss from Part B of...

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