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How much of these losses are suspended under the at-risk

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Question - Several years ago, Sally acquired a passive activity. Until 2019, the activity was profitable. Sally's at-risk amount at the beginning of 2019 was $280,250. The activity produced losses of $130,000 in 2019, $84,000 in 2020, and $92,500 in 2021. During the same period, no passive activity income was recognized.

How much of these losses are suspended under the at-risk rules at the end of 2021?

How much of these losses are suspended under the passive activity loss rules at the end of 2021?

Little Red-Haired Girl reports the following income and loss in the current year.

Salary $61,250

Income from Activity A 14,500

Loss from Activity B (7,875)

Loss from Activity C (3,600)

All three activities are passive activities with respect to Little Red-Haired Girl.

Little Red-Haired Girl also has $19,200 of suspended losses attributable to activity C carried over from prior years. During the year, Little Red-Haired Girl sells activity C and realizes a $10,850 taxable gain.

What is Little Red-Haired Girl's AGI as a result of these transactions?

Reference no: EM133172362

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