Passive activity fair market value

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1. Anton is single and a self-employed plumber. His net income from his business is $56,000. He has dividend income of $6,000 and an $8,000 loss from a rental property in which he actively participates.

2. Rita is the sole owner of Video Plus, a local store that rents video games, software, and movies. She works 40 hours a week managing the store.

3. Margery owns a passive activity with a basis of $15,000. The activity has a $9,000 suspended loss. Margery sells the passive activity for $22,000.

4. Orlando owns a passive activity with a basis of $13,000 and a $6,000 suspended loss. He dies when the passive activity has a fair market value of $17,000.

Reference no: EM13991914

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