Author Question: Tom and Shawn own all of the outstanding stock of Brady Corporation (a retail store operated as a C ... (Read 91 times)

ENagel · **on:** Sep 13, 2020

Question 1

Shaunda has AGI of $90,000 and owns rental property generating a $27,000 loss. She actively manages the property. Her deductible loss is
◦ $0.
◦ $13,500.
◦ $25,000.
◦ $27,000.

Question 2

Tom and Shawn own all of the outstanding stock of Brady Corporation (a retail store operated as a C corporation). This year, Brady generates taxable income of $20,000 from active business operations, and also reports investment interest of $22,000 and losses of $28,000 from a passive activity. As a result, Brady Corporation reports
◦ net income of $42,000.
◦ interest income of $22,000 and a passive loss carryover of $8,000.
◦ business income of $20,000 and a passive loss carryover of $6,000.
◦ business income of $20,000, interest income of $22,000, and a passive loss carryover of $28,000.

hanadaa · **Reply #1 on:** Sep 13, 2020

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