Question

Lucy sells her partnership interest, a passive activity, with an adjusted basis of $394,000 for $433,400....

Lucy sells her partnership interest, a passive activity, with an adjusted basis of $394,000 for $433,400. In addition, she has current and suspended losses of $59,100 associated with the partnership and has no other passive activities.

Her total gain is $.............. and her deductible loss is $............ Lucy's deductible loss is offset against .........................

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Leon sells his interest in a passive activity for $224,000. Determine the tax effect of the...
Leon sells his interest in a passive activity for $224,000. Determine the tax effect of the sale based on each of the following independent facts: If an amount is zero, enter "0". a. Adjusted basis in this investment is $78,400. Losses from prior years that were not deductible due to the passive activity loss restrictions total $86,240. The (taxable gain/ or Deductible Loss) is $. The suspended losses at the end of the year are $. Feedback When a taxpayer...
Nell earns $50,000 salary income in the current year. In addition, Nell sells a passive activity...
Nell earns $50,000 salary income in the current year. In addition, Nell sells a passive activity with an adjusted basis of $45,000 for $155,000 in the current year. Suspended losses attributable to this property total $45,000. Nell owns another separate passive activity which has $10,000 passive loss for the current year and $80,000 suspended passive losses from prior years. Nell will report the following on her current year income tax return (as a result of just these transactions): a. $$50,000...
Nell earns $50,000 salary income in the current year.  In addition, Nell sells a passive activity with...
Nell earns $50,000 salary income in the current year.  In addition, Nell sells a passive activity with an adjusted basis of $45,000 for $155,000 in the current year. Suspended losses attributable to this property total $45,000. Nell owns another separate passive activity which has $10,000 passive loss for the current year and $80,000 suspended passive losses from prior years.  Nell will report the following on her current year income tax return (as a result of just these transactions): a. $$50,000 salary income...
Rhonda owns an interest in a limited partnership (a passive activity), and her share of the...
Rhonda owns an interest in a limited partnership (a passive activity), and her share of the partnership's loss is $26,000. Her tax basis in the partnership is $27,000, and her at-risk amount is $21,000. In addition to the loss from the partnership, Rhonda has $60,000 of income from her salary, $2,000 of interest from corporate bonds, and $29,000 of income from another limited partnership (a passive activity). What amount of the partnership loss may Rhonda deduct in the current year?...
Ian Mapp sells an entire passive activity property. The property has an adjusted basis of $60,000...
Ian Mapp sells an entire passive activity property. The property has an adjusted basis of $60,000 and suspended losses of $20,000. The sales price is $75,000. What will the tax consequence be in 2019 when Mapp sells the property?
Marshall sells his entire interest in a passive activity for $350,000 on the installment method. His...
Marshall sells his entire interest in a passive activity for $350,000 on the installment method. His adjusted basis in the property is $280,000. The activity has a suspended loss of $40,000. In your computations, round any division to three decimal places. If Marshall receives a $80,000 down payment, he will recognize a gain of $ and Marshall will deduct $ of the suspended losses in the first year of the sale.
Jiu has $105,000 of losses from a real estate rental activity in which she actively participates....
Jiu has $105,000 of losses from a real estate rental activity in which she actively participates. She has other rent income of $25,000 and other passive activity income of $32,000. Her AGI before considering these items of income and loss is $95,000. Determine the following amounts for Jiu (ignoring the at-risk rules): a. Amount of loss deductible against other income (active and portfolio): $ b. Suspended rental loss: $
1. ________ Wally owns a 53% interest in the Hunter Partnership. He sells land to the...
1. ________ Wally owns a 53% interest in the Hunter Partnership. He sells land to the partnership for $150,000. The land is worth $150,000 and has a basis to Wally of $160,000. One year later, Hunter Partnership sells the land to a third party for $152,000. One of the results of these transactions is that: a. Hunter Partnership has a recognized gain of $2,000. b. Hunter Partnership has a recognized loss of $8,000. c. Wally has a recognized loss of...
Mia is a 50% partner in a partnership with a beginning of the year adjusted basis...
Mia is a 50% partner in a partnership with a beginning of the year adjusted basis in her partnership interest of $50,000. For the current year, no distributions are made to partners, and there is no change in partnership liabilities. The partnership incurred a $140,000 ordinary loss for the year. How does Mia treat her loss in excess of basis? A. She will recognize $3,000 this year and carry forward the balance. B. She will first carry back the excess...
1. Nikeya sells land (adjusted basis of $120,000) to her adult son, Shamed, for its appraised...
1. Nikeya sells land (adjusted basis of $120,000) to her adult son, Shamed, for its appraised value of $95,000. Which of the following statements is correct? a. Nikeya’s recognizes a loss of $25,000 ($95,000 amount realized – $120,000 adjusted basis). b. Shamed’s adjusted basis for the land is $120,000 ($95,000 price he paid + $25,000 disallowed loss for Nikeya). c. Only a. and b. are correct d. Nikeya's loss is disallowed and, if Shamed subsequently sells the land for $112,000,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT