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1) Patrick O'Hara, Social security number 506-23-9876, had following passive activities

Activity A(nonrental activity) had a loss of $6000

Activity B (nonrental activity) had a net income of $ 10,000

Activity C ( rental activity) had a net income of $ 54,000. Activity C also had suspended losses from prior years totaling $ 60,000

Activity D ( Rental activity) had a loss of $ 35000 this year and $ 12,000 of suspended losses from prior years

Patrick keenly partakes in operations of 2 rental activities and doesn’t live in either activity's buildings. Patrick also has other adjusted gross income of $ 110,000

i) Find out passive activity results for Patrick.

ii) Find out the amount of passive activity income and losses that came be used for all the properties for Patrick.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M915353

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