11 May HOW MUCH OF THESE LOSSES CAN JOANNE DEDUCT?
A
taxpayer is considered to be a material participant in a significant
participation activity if he or she spends at least 400 hours in the
activity.
Question 2
2
out of 2 points
Arts
at-risk amount in a passive activity was $60,000 at the beginning of 2012.
His loss from the activity in 2012 is $80,000, and he had no passive activity
income during the year. Art had $20,000 of passive income from the
activity in 2013. Under the passive loss rules, Arts suspended loss at the
end of 2013 is:
Question 3
2
out of 2 points
All
of a taxpayers tax credits relating to a passive activity can be utilized
when the activity is sold at a loss.
Question 4
2
out of 2 points
In
2013, Arnold invests $80,000 for a 20% interest in a partnership in which he
is a material participant. The partnership incurs a loss with $100,000 being
Arnolds share. Which of the following statements is incorrect?
Question 5
2
out of 2 points
In
2013, Joanne invested $90,000 for a 20% interest in a limited liability
company (LLC) in which she is a material participant. The LLC reported
losses of $340,000 in 2013 and $180,000 in 2014. Joannes share of the
LLCs losses was $68,000 in 2013 and $36,000 in 2014. How much of these
losses can Joanne deduct?
Question 6
2
out of 2 points
Gail
exchanges passive Activity A, which has suspended losses of $15,000, for
passive Activity B in a nontaxable exchange. The new owner of passive
Activity A can offset the $15,000 suspended losses against passive income in
the future.
Question 7
2
out of 2 points
Nell
sells a passive activity with an adjusted basis of $45,000 for
$105,000. Suspended losses attributable to this property total
$45,000. The total gain and the taxable gain are:
Question 8
2
out of 2 points
Kate
dies owning a passive activity with an adjusted basis of $100,000. Its
fair market value at that date is $130,000. Suspended losses relating
to the property were $45,000.
Question 9
2
out of 2 points
Paula
owns four separate activities. She elects not to group them together as a
single activity under the appropriate economic unit standard. Paula
participates for 130 hours in Activity A, 115 hours in Activity B, 260 hours
in Activity C, and 100 hours in Activity D. She has one employee, who works
125 hours in Activity D. Which of the following statements is correct?
Question 10
2
out of 2 points
Maria,
who owns a 50% interest in a restaurant, has been a material participant in
the restaurant activity for the last 20 years. She retired from the
restaurant at the end of last year and will not participate in the restaurant
activity in the future. However, she continues to be a material participant
in a retail store in which she is a 50% partner. The restaurant operations
produce a loss for the current year, and Marias share of the loss is
$80,000. Her share of the income from the retail store is $150,000. She does
not own interests in any other activities.
2
out of 2 pointsA
taxpayer is considered to be a material participant in a significant
participation activity if he or she spends at least 400 hours in the
activity.2
out of 2 pointsArts
at-risk amount in a passive activity was $60,000 at the beginning of 2012.
His loss from the activity in 2012 is $80,000, and he had no passive activity
income during the year. Art had $20,000 of passive income from the
activity in 2013. Under the passive loss rules, Arts suspended loss at the
end of 2013 is:2
out of 2 pointsAll
of a taxpayers tax credits relating to a passive activity can be utilized
when the activity is sold at a loss.2
out of 2 pointsIn
2013, Arnold invests $80,000 for a 20% interest in a partnership in which he
is a material participant. The partnership incurs a loss with $100,000 being
Arnolds share. Which of the following statements is incorrect?2
out of 2 pointsIn
2013, Joanne invested $90,000 for a 20% interest in a limited liability
company (LLC) in which she is a material participant. The LLC reported
losses of $340,000 in 2013 and $180,000 in 2014. Joannes share of the
LLCs losses was $68,000 in 2013 and $36,000 in 2014. How much of these
losses can Joanne deduct?
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