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In the current year, Dentist purchased two limited partnership interests. For the current year, Dentist had a $20,000 loss and a $7,000 credit from one of the passive activities. In the same year, she had $35,000 of income from the other passive activity. Excluding the passive income and loss amounts, Dentist had $110,000 of adjusted gross income in the current year. Assume all of Dentists taxable from the passive activities falls in the 30% tax bracket.

(a) What is the amount of Dentist’s passive activity credit for the current year?

(b) What result in (a), above, if in addition, Dentist actively participates in a rental real estate activity in which she has a 20% interest and her share of the real estate activity loss is $20,000?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92696507

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