15. Kasha had a basis in her partnership interest at the beginning of last year of $50,000. There was no change in partnership liabilities during the year. Her share of the partnership's ordinary loss last year was $65,000 and the partnership had no separately stated items. This year, Kasha has a distributive share of ordinary income of $45,000. The taxable income from the partnership reported on Kasha's personal income tax return this year (ignoring the at-risk and passive activity loss limitations) is A) $15,000 ordinary loss. B) $30,000 ordinary income. C) $45,000 ordinary income. DI $65.000 ordinaru

15. Kasha had a basis in her partnership interest at the beginning of last year of $50,000. There was no change in partnership liabilities during the year. Her share of the partnership's ordinary loss last year was $65,000 and the partnership had no separately stated items. This year, Kasha has a distributive share of ordinary income of $45,000. The taxable income from the partnership reported on Kasha's personal income tax return this year (ignoring the at-risk and passive activity loss limitations) is A) $15,000 ordinary loss. B) $30,000 ordinary income. C) $45,000 ordinary income. DI $65.000 ordinaru

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, which is taxed as a partnership. This year, the LLC generates $80,000 of ordinary taxable income and has no separately stated income or expenses. Enercio with- drew $10,000 from the partnership during the year. Enercio is taxed on what amount of ABC’s income? On how much of the $10,000 distribution will Enercio be taxed?
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Dan and Sam are married and will file a joint return. Their modified adjusted gross income is $97,000. Dan has losses of $14,000 from rental activities in which he actively participates. Sam has a $3,000 loss from a limited partnership in which he does not materially participate. They have no passive income for the year. What is the amount of their allowable passive loss? (a) $0 (b) $3,000 (c) $14,000 (d) $17,000
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1. Peter and Renee, who file married filing jointly, recelved $30,200 of Social Security benefits this year ($12,000 for Peter, $18,200 for Renee). They also received $5.000 of interest from jointly owned City of Milwaukee bonds and $15,000 of dividend income from stocks owned by Peter. Their final gross income is: a. $15,000. b. $16,550. C. $21,550. d. $30,100. e. none of the above.
Provide table
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