chapter 7 problems - 47 27,000 51 a 1360 b 1,000 52 a...

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31) He would deduct losses of 12,000 Amount at risk for Partnership A 2012 18,000 Amount at risk for Partnership B 10,000 12,000 loss can be used to offset inocme from other passive activities during the year. He doesn’t have any loss suspensions and carryovers 32) He will deduct losses of 22,000 Amount at risk for Partnership A 2012 19,000 Amount at risk for Partnership B 0 22,000 loss would used to offset income from other passive activities 3,000 would be carry over under the at-risk rule, and would be considered suspended losses 33) Amount at rist 50000 34) 55000 35) 0 38) a) Gain on sale 4000 b) The balance of -13000 will be deductible against active and portfolio income. the 4000 gain will be a long term capital gain c) 14,000 suspended loss 43) 113000 46) she can deduct 30,000 on her tax return because it is a rental activity
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Unformatted text preview: 47) 27,000 51) a) 1360 b) 1,000 52) a) Neither the income and rental expenses are deductible because the number of days rented is less than the number of days he personally used the home mortgage payments and taxes are allowable: 10,000 b) rental income 1,500 less mortgage & taxes 822 less expenses 2400 less depreciation 3600 net rental loss-5,322 c) rental income 9000 less mortgage & taxes 6301 less expenses 3680 less depreciation 5520 net rental loss-6501 54) c) owning a business and not materially participating Chapter 7 Problems EXPLAIN YOUR ANSWERS 31, 32, 33, 34, 35, 38, 43 46, 47, 51, 52,54 Initial Submission Due Oct 25...
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