Question: Please show me how you get your answer for these questions: 36-38)The following information has been provided for questions 36 38. Rex Buck has the

Please show me how you get your answer for these questions:

36-38)The following information has been provided for questions 36 38. Rex Buck has the following items: Prior-year passive loss carryforward amounts: > ($3,000) from ABC limited partnership (publicly traded) > ($8,000) from XYZ limited partnership (publicly traded) Currentyear passive income and loss amounts: > $5,000 from DEF limited partnership (publicly traded) > ($3,000) from CHI limited partnership (publicly traded) > $10,000 from JKL limited partnership (nonpublicly traded) > ($14,000) from RST limited partnership (nonpublicly traded) 36) What is the total amount of passive losses that may be deducted during the current year? A. $10,000 B. $12,000 C. $14,000 D. $18,000 E. $28,000 37) What is the net income in the current year for Rex's passive activities? A. ($10,000) B. $(3,000) C. $0 D. $3,000 E. $5,000 38) How much is the total loss carryforward to next year? A. $0 B. $7,000 c.$1o,ooo D. $13,000 E. $18,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

John and Jane Doe are married retired taxpayers who care for their three-year-old grandson. The following information was provided to you as documentation necessary to prepare their 2017 tax return....

These two questions is what I will present, and please read through the case first then answer these two questions. Thank you! 1. Suppose you expected the dollar to appreciate in value by 10% against...

I have a attached a copy of the data used to answer the question Prepare a 2007 classified balance sheet and multistep income statement. Use the account balances from the unadjusted trial balance and...

Topic 8 Entity Tax Return: Check Figures C:11-61 Bottle Up, Inc. Problem C:11-61 Form 1120S, Page 1 - Total income, line 6: $1,011,000 Total deductions, line 20*: $938,533 You should have values on...

please show work! 12 Single, continuous statement of comprehensive income (36 points) The following income statement items appeared on the adjusted trial balance of XYZ Corporation for the year ended...

How do you get $5145 cash balance? How do you do the bank reconciliation? Which journal entries must be adjusted? I have attached the assignment part B and my excel general journal (no need to use...

I can't figure out what I am doing wrong. I have balanced all of my accounts and allocated my funds, but my answers still seem to be wrong for almost all of the questions. Any help is greatly...

Based off of the information in the word document, I have to correctly fill out the adjustments and reclassifications in the trial balance spreadsheet. Why did I get the fundraising expense correct...

Please see theattachment and answer the question, thank you. 3-3 Beginning and Ending Fund Balances. The following information is provided about the Village of Wymette's General Fund operating...

The following partnership is being liquidated: a. Liquidation expenses are estimated to be $12,000. Prepare a predistribution schedule to guide the distribution of cash. b. Assume that assets costing...

PT SINAR MENTARI STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED DECEMBER 31, 2021 Profit from Operations Finance Cost Profit Before Tax Taxation Profit for The Year SA 15,730.00 (730.00) 15,000.00...

Most of the Fortune 5 0 0 firms are operating in different countries. Group of answer choices True False

Bank Regulation A safe and stable financial system is a critical concern of the Bangko Sentral ng Pilipinas. . The goal is not only to protect savers, but to protect the integrity of the financial...

Baleful Company makes Halloween decorations and costumes from hay. The company makes enough money to pay the owner, Brad Brigand, a decent salary and still show a small profit in most years. The...

A) An investment bank creates STRIPS from $10,000,000 U.S. 3.00% coupon rate Treasury bond due in seven years. The banker paid 93.95% of face value for it for a yield to maturity of 4.00%. What is...

d?f accurate with dx2 Obtain forward finite difference approximation of second derivative second order O(Ax?) using proper Lagrange Polynomials for a)unequal mesh size b)equal mesh size c)Find the...

Scenario 1 Billy and John are managers in a same company. Before starting a project, Billy said Lets start planning but John said No to planning because he thinks that the organisation has to...

3. Imagine three people you know relatively well. Consider which of the five positions they often use in the conversations they engage in with other people.

4. Select a person you want to model. Choose what you want to model in this person, such as relationship skills. a. Observe what he does and how he does this in relationships with others. b. Try to...

2. Start with a person you want to model. a. Use the five positions to investigate how this person positions himself in relation to others, i.e. how he uses the five positions in his interaction with...