During the current year, Eleanor Shellstrop, a married individual who files a joint return, reports the following items of income and loss: Salary 125,000 Income from Activity A 50,000 Loss from Activity B (55,000) Loss from Activity C (25,000) Loss from Activity D (15,000) Activities A, B, C and D are all classified as Active Rental Real Estate passive activities. 1. What is Eleanor's AGI for the year? Salary Deductible PAL AGI 2. What is the amount of suspended losses (if any) that may be carried over with respect to each activity? Activity B Activity C Activity D

During the current year, Eleanor Shellstrop, a married individual who files a joint return, reports the following items of income and loss: Salary 125,000 Income from Activity A 50,000 Loss from Activity B (55,000) Loss from Activity C (25,000) Loss from Activity D (15,000) Activities A, B, C and D are all classified as Active Rental Real Estate passive activities. 1. What is Eleanor's AGI for the year? Salary Deductible PAL AGI 2. What is the amount of suspended losses (if any) that may be carried over with respect to each activity? Activity B Activity C Activity D

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 35P

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