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Author Question: Tom and Shawn own all of the outstanding stock of Brady Corporation (a retail store operated as a C ... (Read 107 times)

ENagel

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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.


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Marked as best answer by ENagel on Sep 13, 2020

hanadaa

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ENagel

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Reply 2 on: Sep 13, 2020
Gracias!


blakcmamba

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Reply 3 on: Yesterday
Excellent

 

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