Gabby is single, she has salary from a company and also is self-employed with 2 separate businesses that she materially participates in. Gabby is also a passive partner in ABC Partnership where she has a basis in in the partnership of $ 100,000. Gabby has the following information in 2020: • Salary from her job $ 140,000 • Interest income 500,000 • Business (# 1) Income 80,000 • Business (# 2) Loss (600,000) • Partnership allocated loss (65,000) How much of the losses from business #2 and the Partnership will Gabby carry over to 20X2? [IGNORE THE CURRENT LIMIT SUSPENSION OF THE CARES ACT]. a. $ 65,000 passive loss carryover and $ 121,000 net operating loss carryover. b.$ 0 loss carryovers. c. $ 0 passive loss carryover and $ 121,000 net operating loss carryover. d. $ 65,000 passive loss carryover and $ $ 56,000 net operating loss carryover. e. $ 65,000 passive loss carryover and $ 0 net operating loss carryover.
Gabby is single, she has salary from a company and also is self-employed with 2 separate businesses that she materially participates in. Gabby is also a passive partner in ABC Partnership where she has a basis in in the partnership of $ 100,000. Gabby has the following information in 2020:
• Salary from her job $ 140,000
• Interest income 500,000
• Business (# 1) Income 80,000
• Business (# 2) Loss (600,000)
• Partnership allocated loss (65,000)
How much of the losses from business #2 and the Partnership will Gabby carry over to 20X2? [IGNORE THE CURRENT LIMIT SUSPENSION OF THE CARES ACT].
a. $ 65,000 passive loss carryover and $ 121,000 net operating loss carryover.
b.$ 0 loss carryovers.
c. $ 0 passive loss carryover and $ 121,000 net operating loss carryover.
d. $ 65,000 passive loss carryover and $ $ 56,000 net operating loss carryover.
e. $ 65,000 passive loss carryover and $ 0 net operating loss carryover.
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