Financial Account - In the current year, Ed invests $30,000 in an oil partnership. He has taxable income for the current year of $2,000 from the oil partnership and withdraws $10,000. What is Ed's at-risk amount at the end of the year?

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subject:accounting

1. In 2020, Joanne invested $90,000 for a 20% interest in a partnership in which she is a material participant. The partnership reported losses of $340,000 in 2020 and $180,000 in 2021. Joanne’s share of the partnership losses was $68,000 in 2020 and $36,000 in 2021. How much of these losses can Joanne deduct on her tax return?   $0 in 2020; $0 in 2021. $68,000 in 2020; $22,000 in 2021. $68,000 in 2020; $36,000 in 2021. $68,000 in 2020; $0 in 2021.

Data: This year Jack intends to file a married-joint return. Jack received $179,200 of salary and paid $5,750 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $5,000 and $30,900 of alimony to his ex-wife, Diane, who divorced him in 2012. Question: Suppose that Jack also reported income of $9,450 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Plz and thank you, Stephanie

QUESTION 51) Kathy and Annise are a married couple who file jointly. In the current year, they have net ordinary income of $10,000 from a partnership interest in which they do not materially participate. They also have a net loss of $30,000 from a rent house in which they actively participate. Their adjusted gross income (AGI) exclusive of these investments is $120,000. What is their AGI after taking into account these investments? $105,000 $125,000 $120,000 $100,000

Give correct gross income

On January 1, 2020, Mary  and Jack form a partnership. Mary contributes $50,000 cash in exchange for a 50% interest.  Jack contributes property with a tax basis of $70,000 and a fair market value of $50,000 in exchange for a 50% interest.  Jack purchased the property on July 1, 2010. Does Mary or Jack need to recognize any gain/loss on their contributions?

Determine Tax Payable for Trust under CANADIAN TAX LAW.

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