Reference no: EM133028675
Questions -
Q1. Craig's Cars, a car dealership founded in 2020, had taxable income and net operating losses as follows (before any NOL deduction): Tax Year Taxable Income/(NOL)
2020 $90,000
2021 ($50,000)
2022 $60,000
2023 $55,000
What is the amount of Craig's Cars 2023 NOL deduction?
Q2a) In 2018, Devin invested $200,000 as a limited partner in a XYZ Limited Partnership. Devin's share of XYZ LP's deductible loss for 2018 was $20,000.
In 2018, Devin also had $100,000 in salary income, $7,000 in portfolio income, and $11,000 in passive income (from another passive activity - ABC LP). What amount of the $20,000 loss from XYZ LP can Devin deduct in 2018?
Q2b) Same facts as previous question.
In 2019, Devin's share of income from XYZ LP was $5,000 (this is passive income). Devin also had salary income of $50,000 and portfolio income of $1,000. ABC LP (Devin's other passive activity) did not generate a gain or loss in 2019.
What amount of passive activity losses can Devin deduct in 2019?
Q2c) Same facts as previous question.
On January 1, 2021, Devin sold his interest in XYZ LP.
At the time of sale in 2021, Devin had $10,000 in suspended passive activity losses from XYZ LP (due to the fact that XYZ LP had additional passive losses in 2020 that Devin was unable to deduct). In 2021, Devin had salary income of $50,000 and portfolio income of $4,000. ABC LP did not generate a gain or loss in 2020.
What amount of passive activity losses can Devin deduct in 2021?
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