Reference no: EM133027983
Questions -
Q1. Tom purchases 1,000 shares of Standard Corp. stock in 2017 for $31,000. On October 1, 2020, he sells the stock for only $10,000. On October 29, 2020 Tom buys 1,000 shares of Standard Corp. again for $10,000. How much of the October 1, 2020 loss may Tom deduct this year?
a. $0.
b. $3,000.
c. $21,000.
d. $31,000.
Q2. Ross is a surgeon at a local hospital in Denver. In 2020, Ross earns a salary of $300,000. In addition, Ross has investment income of $10,000. Ross also has the following business activities below:
Active Income from Activity A: $30,000
Passive Income from Activity B: $20,000
Passive Loss from Activity C: (60,000)
Ross has sufficient at-risk amounts for any loss. What is Ross's 2020 Adjusted Gross Income (AGI)?
a. $300,000.
b. $310,000.
c. $340,000.
d. $360,000.
Q3. Michael works as an accountant at a large accounting firm. Michael is also a partner in XYZ partnership. In 2020, Michael spends 240 hours working in XYZ. His business partner, Beth, only spends 210 hours working in the partnership. The partnership has no employees other than the two partners who contribute their time. Michael has materially participated in the partnership.
a. True
b. False
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