eBook Problem 4-14 (Algorithmic) All Bookmark Passive Loss Limitations (LO 4.8) Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1996. He also acquired a rental house in 2023, which he actively manages. During 2023, Walter's share of the partnership's losses was $25,000, and his rental house generated $39,500 in losses. Walter's modified adjusted gross income before passive losses is $111,000. If an amount is zero, enter "0." $ 19,500 a. Calculate the amount of Walter's allowable loss for rental house activities for 2023. b. Calculate the amount of Walter's allowable loss for the partnership activities for 2023. $ 0 Feedback Check My Work Correct c. What may be done with the unused losses, if anything? The unused losses may be carried forward to future tax years until used to reduce passive income in those years. Previous Check My Work . 0 more Check My Work uses remaining. Email Instructor Save and Exit Submit Assignment for Grading O zoom 4 G P SEP stv 15eBook All Bo Problem 4-8 (Algorithmic) Sale of a Personal Residence (LO 4.6) Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2023, for $247,600. He lived in the house for 7 years. The expenses of the sale are $17,332, and he has made capital improvements of $7,428. Larry's cost basis in his residence is $143,608. On November 30, 2023, Larry purchases and occupies a new residence at a cost of $309,500. Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence. If an amount is zero, enter "0." a. Realized gain LA b. Recognized gain c. Adjusted basis of new residence. Check My Work 1 more Check My Work uses remaining. Previous Ne Email Instructor Save and Exit Submit Assignment fo SEP tv zoom 4 G W O 15Book Self-Study Problem 4.9 $ -21,550 1. Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her primary endeavor was her new small business that unfortunately generated an ordinary tax loss of $18,000. She had a net long-term capital gain of $2,000 on some investments. Silja takes the standard deduction in 2023. Compute Silja's NOL carryforward (if any) into 2024. $ 2. Using the NOL carryforward from part 1, if Silja has taxable income of $12,000 in 2024, how much NOL will she carryforward to 2025? Check My Work 1 more Check My Work uses remaining. Previous Next Email Instructor Save and Exit Submit Assignment for Grading SEP zoom G 15 atvprogress=fa... * Book All BOO Self-Study Problem 4.3 For each of the following situations, determine the basis of the property: $ 11,000 1. Jakobi purchased equipment at a cost of $15,000, made capitalizable improvements of $1,000 and depreciated the equipment $5,000. What is the basis of the equipment? 2. Kristian purchased a new home for $200,000. He put down $50,000 in cash and took out a mortgage for the rest. At the time of closing, he also paid $1,000 for title insurance, $500 in recording fees, and the bank required that he place $2,500 in an escrow account for property taxes. What is the basis of the home? $ 201,500 3. When Barry's grandmother passed away, she gave Barry a diamond ring that was worth $6,000 at the time of death. Barry's grandmother had purchased the ring for $5,400. What is Barry's basis in the ring if he sells it for $7,000? What if he sells it for $5,000? What if he sells it for $5,800? $ 50,000 X regardless of sales price 4. On Robin's birthday, his grandmother gave him a ring that was worth $6,000 at the time of the gift. Robin's grandmother had purchased the ring for $5,400. What is Robin's basis in the ring if he sells it for $7,000? What if he sells it for $5,000? What if he sells it for $5,800? $ 5,000 X regardless of sales price 5. On Maurice's birthday, his grandmother gave him a ring that was worth $5,400 at the time of the gift. Maurice's grandmother had purchased the ring for $6,000. What is Maurice's basis in the ring if he sells it for $7,000? What if he sells it for $5,000? What if he sells it for $5,800? When sold for $7,000, which is more than V carryover basis, the basis for sale is carryover basis of $6,000. If sold at a loss , the basis is the FMV at the date of the gift ($5,400). If sold for a price in between the FMV and carryover basis, there is no gain or loss and so the basis must be $5,800. Feedback Check My Work Partially correct Previous Next Check My Work 0 more Check My Work uses remaining. Email Instructor Save and Exit Submit Assignment for Grading O zoom 4 G SEP stv 15