Author Question: Mara owns an activity with suspended passive losses from prior years of $13,000. In the current ... (Read 44 times)

nevelica · **on:** Sep 13, 2020

Question 1

Lewis died during the current year. Lewis owned passive activity property with a FMV of $61,000 and a basis of $48,000. Suspended losses of $15,000 were attributable to the property. How much of the suspended loss is deductible on Lewis's final income tax return?
◦ $0
◦ $2,000
◦ $13,000
◦ $15,000

Question 2

Mara owns an activity with suspended passive losses from prior years of $13,000. In the current year, Mara becomes a material participant in the activity. This year the activity generates $6,000 of income. The net effect of this activity on Mara's current year AGI is a(n)
◦ increase of $6,000.
◦ decrease of $13,000.
◦ 0.
◦ decrease of $7,000.

amy.lauersdorf90 · **Reply #1 on:** Sep 13, 2020

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