Please help me on this question Thanks Chapter 11-6 Five years ago Gerald invested $142,000 in a passive activity, his sole investment venture. On January 1, 2017, his amount at risk in the activity was $28,400. His shares of the income and losses were as follows: Year Income (Loss) 2017 ($42,600) 2018 (28,400) 2019 48,400 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2017. If an answer is zero, enter "0". d. Assuming Gerald has $48,400 income in 2019, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended passive activity losses at the end of 2019?

Please help me on this question Thanks Chapter 11-6 Five years ago Gerald invested $142,000 in a passive activity, his sole investment venture. On January 1, 2017, his amount at risk in the activity was $28,400. His shares of the income and losses were as follows: Year Income (Loss) 2017 ($42,600) 2018 (28,400) 2019 48,400 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2017. If an answer is zero, enter "0". d. Assuming Gerald has $48,400 income in 2019, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended passive activity losses at the end of 2019?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 59P

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Five years ago Gerald invested $198,000 in a passive activity, his sole investment venture. On January 1, 2018, his amount at risk in the activity was $39,600. His shares of the income and losses were as follows: Year Income (Loss) 2018 ($59,400) 2019 (39,600) 2020 59,600 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2018. a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2018 and 2019? Year: 2018 Loss: ($59,400) Deduction allowed - $39,600, Suspended - $19,800 Year: 2019 Loss:($39,600) Deduction allowed - $0, Suspended - $39,600 Total amount suspended $59,600 b. Refer to the information in part (a) above. If losses were limited by the at-risk and the passive activity loss rules, how much would Gerald be able to deduct in 2018 and 2019? c. Assuming Gerald has $59,600 income in 2020, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's…
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