Edward is married and files a joint return. He reports the following items of income and loss for the year: Salary $ 120,000 Activity A (passive) 22,000 Activity B (nonbusiness rental real estate) 742,000) Hf Edward actively participates in the management of Activity B, what is his AG for the year and what is the passive loss carryover to nextyear?
Edward is married and files a joint return. He reports the following items of income and loss for the year: Salary $ 120,000 Activity A (passive) 22,000 Activity B (nonbusiness rental real estate) 742,000) Hf Edward actively participates in the management of Activity B, what is his AG for the year and what is the passive loss carryover to nextyear?
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 18CE
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Transcribed Image Text:Edward is married and files a joint return. He reports the following items of income
and loss for the year:
Salary
$ 120,000
Activity A (passive)
22,000
Activity B (nonbusiness rental real estate)
(42,000)
If Edward actively participates in the management of Activity B, what is his AGI for the year and what is the
passive loss catyover to next year?
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT