Question

This year Robert had the following income and losses from four passive activities:
Activity 1 ........ ($20,000)
Activity 2 ........ ($10,000)
Activity 3 ........ ($ 5,000)
Activity 4 ........ $33,000
Activity 4 had $10,000 of passive losses that are carried over from a prior year. Robert also had wages of $110,000.
a. How much income or loss does Robert have from the four activities?
b. How are the suspended PALs allocated.
c. If Activity 1 were sold at an $18,000 gain, what would be the total income or loss from the four activities?



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  • CreatedAugust 26, 2013
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