This year Robert had the following income and losses from four passive activities: Activity 1 Activity 2 Activity 3 Activity 4 $ (21,500) (10,900) (5,600) 35,400 Activity 4 had $10,750 of passive losses that are carried over from a prior year. Robert also had wages of $122,000. Required: a. How much income or loss does Robert have from the four activities? b. How are the suspended PALS allocated? c. If Activity 1 were sold at an $19,950 gain, what would be the total income or loss from the four activities? Complete this question by entering your answers in the tabs below. Required A Required B Required C How much income or loss does Robert have from the four activities? Net loss < Required A Required B >
This year Robert had the following income and losses from four passive activities: Activity 1 Activity 2 Activity 3 Activity 4 $ (21,500) (10,900) (5,600) 35,400 Activity 4 had $10,750 of passive losses that are carried over from a prior year. Robert also had wages of $122,000. Required: a. How much income or loss does Robert have from the four activities? b. How are the suspended PALS allocated? c. If Activity 1 were sold at an $19,950 gain, what would be the total income or loss from the four activities? Complete this question by entering your answers in the tabs below. Required A Required B Required C How much income or loss does Robert have from the four activities? Net loss < Required A Required B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:This year Robert had the following income and losses from four passive activities:
Activity 1
Activity 2
Activity 3
Activity 4
$ (21,500)
(10,900)
(5,600)
35,400
Activity 4 had $10,750 of passive losses that are carried over from a prior year. Robert also had wages of $122,000.
Required:
a. How much income or loss does Robert have from the four activities?
b. How are the suspended PALS allocated?
c. If Activity 1 were sold at an $19,950 gain, what would be the total income or loss from the four activities?
Complete this question by entering your answers in the tabs below.
Required A Required B
Required C
How much income or loss does Robert have from the four activities?
Net loss
< Required A
Required B >
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