Flicker, a single member LLC, acquired a passive activity this year. Gross income from operations of the

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Flicker, a single member LLC, acquired a passive activity this year. Gross income from operations of the activity was $160,000. Operating expenses, not including depreciation, were $122,000. Regular income tax depreciation of $49,750 was computed under MACRS. AMT depreciation, computed using the ADS, was $41,000. Compute Flicker's passive activity loss deduction and passive activity loss suspended for regular income tax purposes. Then determine the same amounts for AMT purposes.

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South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781337702966

22nd Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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