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What is the amount of the suspended loss attributable

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Reference no: EM131918404

Problem 1 - Kendal reports the following income and loss:

Salary $120,000

Income from activity A 36,000

Loss from activity B (30,000)

Loss from activity C (60,000)

Activities A, B, and C are all passive activities, but none are rental properties. What is the amount of the suspended loss attributable to each activity?

Problem 2 - Wes owned a business which was destroyed by fire in May 2013. Details of his losses follow:

Asset    Adj. Basis      FMV Before    FMV After    Insurance Reimbursement

A          $1,000            $2,000          $0               $2,000

B         15,000             10,000        3,000             2,000

C         2,400               5,000         2,500              1,000

His AGI without consideration of the casualty is $45,000.

What is Wes's net casualty loss deduction for 2013?

Reference no: EM131918404

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