Reference no: EM132593580
Questions -
Q1. The Schedule K-1, Form 1065 is used to report __________.
A. Each partner's share of the partnership's income, deductions, and credits.
B. The partnership's income, deductions, and credits.
C. Each partner's share of the partnership's passive income, deductions, and credits.
D. The partnership's active income, deductions, credits, and risk.
Q2. Lisa Dappers is single and has a modified AGI of $64,550. She has income of $7,500 from a limited partnership in which she does not materially participate, and she has a loss of $8,550 from active participant rental real estate activities. Lisa is not a real estate professional. What is the amount of passive activity losses allowed in 2019?
A. $1,050
B. $7,500
C. $8,550
D. $16,050
Q3. Manuela began renting her entire main home at fair rental value on May 1, 2008. When she converted the house to rental property, the adjusted basis was $205,000, which included $18,000 of value attributable to the land. The fair market value at the time of conversion was $195,000, including land value of $10,000. In 2019, Manuela received $19,200 in rental income from the property. Her expenses for the year included: yard maintenance, $480; repairs, $850; property insurance, $2,520; mortgage interest $8,960; real estate tax, $2,750. What is Manuela's loss on the rental property?
A. ($3,861)
B. ($3,766)
C. ($3,693)
D. ($3,088)
Q4. Russell and Shannon are married and file a joint return. Their modified adjusted gross income is $79,000. Russell has losses of $18,000 from rental activities in which he actively participates. Shannon has a $3,000 loss from a limited partnership in which she does not materially participate. What is the amount of their allowable passive loss?
A. $3,000
B. $7,000
C. $15,000
D. $18,000
Q5. Where does depreciable real business property, held long-term, and sold at a loss, first get reported on Form 4797?
A. Part I
B. Part II
C. Part III
D. Part IV
|
Considered in community health assessment
: What are the four types of needs that you believe should always be considered in a community health assessment?
|
|
By how much is the patent impaired
: Corp owns a patent with a carrying value of $56,000. The patent's fair value is $63,000. Is the patent impaired and if so, by how much
|
|
Protecting both human and non-human animal subjects
: The responsible conduct of research is essential to protecting both human and non-human animal subjects.
|
|
How much is the total materials variance
: Garner has sufficient unused capacity to produce the 3,000 scales. If the special order is accepted, what will be the effect on net income?
|
|
What is the amount of passive activity losses allowed
: Lisa Dappers is single and has a modified AGI of $64,550. What is the amount of passive activity losses allowed in 2019
|
|
Developing smart goals
: Goals are used to either guide a plan to fruition or to direct a course of actions towards a future aim. Review the Learning Resources about goal setting..
|
|
What is the amount of the amt credit
: Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2019. What is the amount of the AMT credit
|
|
What adjusting entry yearend related to warranty costs
: Corp sells 10,000 machines for $550 each. Machines each carry a 2-year warranty. What adjusting entry yearend related to warranty costs
|
|
Suffering from bouts of severe pain in his left flank region
: A 45-year-old grocery sales clerk has been suffering from bouts of severe pain in his left flank region.
|