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Passive activity losses generally can only be used to offset passive activity income. However in certain circumstances activities that would generally be considered a passive activity may not be subject to the passive activity loss rules. One exception is related to an individual that is not in the rental real estate business but has a rental real estate activity. This taxpayer is permitted to deduct against other income up to $25,000 of passive rental real estate activities. However certain limitations apply.
A client indicates that he may be over the AGI limit in the coming year as a result of a bonus and fears he will lose his deduction related to his loss on rental property activity. What happens to the losses incurred by his rental property activity if he is over the AGI limit?
What will the taxpayer need to do to deduct the losses that were previously not allowed?
Does not state what his bonus amount was.
Determine Bad debt from uncollected rent
Examine and determine each capitalization creiteria and evaluate what type of lease this is for Adden.
Suppose a business borrows $100,000 for one year. The lender quotes a 6 percent annual interest rate that's compounded semi-annually (twice a year). Determine the annual effective interest rate on the loan.
(Account for accounts receivable and uncollectible accounts) During 2013, Chocolate Passion completed these transactions:
The amount of a bond discount on a newly issued 6%, 5 year, $100,000 bond is $28,092. What is the amount of semiannual straight-line discount amortization?
Lara's employer has a 40 percent marginal tax rate. Ignoring payroll taxes, illustrate what is the maximum amount of before-tax salary Lara would give up to receive health insurance?
Sell some receivables to a collector for $.65 per $1 of receivables. Delay payment of all outstanding accounts payable until the next year. Comment on the appropriateness of each option. Illustrate is there an ethical dilemma involved?
For an individual taxpayer expenses connected with rents and royalties are normally deducted:
What is pro forma reporting according to regulation SX of the SEC? How has pro forma reporting been used by corporations over the years? Summarize the arguments for and against this type of reporting.
Compute the market value of each of the following bond issues
Taxable income includes $80,000 of dividends from a 10%-owned domestic corporation. Water paid fines and penalties of $6,000 that were not deducted in computing taxable income.
Would this recipient be as well off under the housing voucher scheme as he would be with a cash transfer of equal value?
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