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1. A review of Bradley's Year 2 records disclosed the following tax information.
Wages $18,000
Taxable interest and qualifying dividends 4,000
Schedule C trucking business net income 32,000
Rental (loss) from residential property (35,000)
Limited partnership (loss) (5,000)
Bradley actively participated in the rental property and was a limited partner in the partnership. Bradley had sufficient amounts at risk for the rental property and the partnership. What is Bradley's Year 2 adjusted gross income?
2. Smith has an adjusted gross income (AGI) of $120,000 without taking into consideration $40,000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income?
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