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This year Robert had the following income and losses from four passive activities:
Activity 1 ........($20,000)Activity 2 ........($10,000)Activity 3 ........($ 5,000)Activity 4 ........$33,000Activity 4 had $10,000 of passive losses that are carried over from a prior year. Robert also had wages of $110,000.
a. How much income or loss does Robert have from the four activities?
b. How are the suspended PALs allocated.
c. If Activity 1 were sold at an $18,000 gain, what would be the total income or loss from the four activities?
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