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What is Antonin taxable income from the activity

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Reference no: EM133014883

Question - Antonin Scalia invested $70,000 in a passive activity several years ago, and on January 1, 2019, his amount at risk was $30,000. His shares of the income and losses in the activity for the next three years are as follows. He does not own an interest in any other passive activities.

Year

Income (Loss)

2019

(40,000)

2020

(25,000)

2021

35,000

Required - Answer each of the following questions. Show and label your calculations.

-How much can Antonin deduct in 2019? Identify suspended losses carried forward to 2020.

-How much can Antonin deduct in 2020? Identify suspended losses carried forward to 2021.

-What is Antonin's taxable income from the activity in 2021? Identify suspended losses carried forward to 2022.

Reference no: EM133014883

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