[The following information applies to the questions displayed below.] Rubio recently invested $25,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $18,850. In addition, Rubio's share of the limited partnership loss for the year is $29,150, his share of income from a different limited partnership is $5,825, and he has $45,500 in wage income and $12,750 in long-term capital gains.

[The following information applies to the questions displayed below.] Rubio recently invested $25,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $18,850. In addition, Rubio's share of the limited partnership loss for the year is $29,150, his share of income from a different limited partnership is $5,825, and he has $45,500 in wage income and $12,750 in long-term capital gains.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter11: Investor Losses

Section: Chapter Questions

Problem 38P

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Required information Problem 7-60 (LO 7-4) (Algo) [The following information applies to the questions displayed below] Rublo recently invested $25,000 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is $18,500, In addition, Rubio's share of the limited partnership loss for the year is $28,500, his share of income from a different limited partnership is $5,750, and he has $45,000 in wage income and $12,500 in long-term capital gains. Problem 7-60 Part-b (Algo) b. How much of Rubio's $28,500 loss is allowed under the at-risk limitations? Loss allowed as per at-risk limitation
Required information [The following information applies to the questions displayed below.] Danni is a single 30 percent owner of Kolt (a business entity). In the current year, Kolt reported a $1,000,000 business loss. Answer the following questions associated with each of the following alternative scenarios: Note: Leave no answer blank. Enter zero if applicable. b. Kolt is organized as an LLC taxed as a partnership. Thirty percent of Kolt's loss is allocated to Danni. Danni works 20 hours a week on Kolt business activities (she is not considered to be a passive investor in Kolt). Danni has a $400,000 basis in her Kolt ownership interest, and she also has a $400,000 at-risk amount in her investment in Kolt. Danni does not report income or loss from any other business activity investments. How much of the $300,000 loss allocated to her from Kolt is Danni allowed to deduct this year? > Answer is complete but not entirely correct. Allowable deduction of loss $ 250,000 X
Required information [The following information applies to the questions displayed below.] Danni is a single 30 percent owner of Kolt (a business entity). In the current year, Kolt reported a $1,000,000 business loss. Answer the following questions associated with each of the following alternative scenarios: (Leave no answer blank. Enter zero if applicable.) b. Kolt is organized as an LLC taxed as a partnership. Thirty percent of Kolt's loss is allocated to Danni. Danni works 20 hours a week on Kolt business activities (she is not considered to be a passive investor in Kolt). Danni has a $400,000 basis in her Kolt ownership interest, and she also has a $400,000 at-risk amount in her investment in Kolt. Danni does not report income or loss from any other business activity investments. How much of the $300,000 loss allocated to her from Kolt is Danni allowed to deduct this year? Allowable deduction of loss
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Required information Problem 20-73 (LO 20-6) (Algo) The following information applies to the questions displayed below.] Alfonso began the year with a tax basis in his partnership Interest of $43,000. His share of partnership liabilities at the beginning and end of the year consists of $10,000 of recourse llabilities and $7,000 of nonrecourse liabilities. During the year, he was allocated $61,000 of partnership ordir y business loss. Alfonso does not materially participate in this partnership, and he has $3,000 of passive income from other sources. Problem 20-73 Part a (Algo) a. How much of Alfonso's loss is limited by his tax basis? 3 Answer is complete but not entirely correct. Loss (mind by his to tamis Show Transcribed Text
! Required information Problem 04-46 (LO 04-3) (Algo) [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $186,000 salary working full time for Angels Corporation. Angels Corporation reported $424,000 of taxable business income for the year (2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $186,000 (all salary from Angels Corporation). Mason claims $62,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 04-46 Part c (Algo) c. Assume the same facts as question (b), except that Angels Corporation reported $174,000 of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. question (b) said…
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Required information [The following information applies to the questions displayed below.] This year, Darrel's distributive share from Alcove Partnership includes $7,000 of interest income, $2,900 of dividend income, and $62,000 ordinary business income. b. Assume that Darrel does not materially participate in the partnership. How much of his distributive share from Alcove Partnership is potentially subject to the net investment income tax? Distributive share subject to net investment income tax
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