What is the amount of patricia''s deduction against salary

Assignment Help Financial Accounting

Reference no: EM13133912

During the year, Patricia realized $10,000 of taxable income from activity A, $4,000 loss from activity B, and $6,000 of taxable income from activity C. All three activities are passive activities with regard to Patricia. In addition, $32,000 of passive losses from activity C is carried over from prior years. During the current year, Patricia sells activity C for an $18,000 taxable gain. Patricia's salary for the year is $100,000. What is the amount of Patricia's deduction against salary income?

Reference no: EM13133912

Questions Cloud

Was the incidence of cancer greater in des users : Unexposed women comprising a contro group. at the 0.01 level of significance, was the incidence of cancer greater in the DES users?

British pound appreciation against the dollar : Assume the British pound appreciates against the dollar while the Japanese yen depreciates against the dollar. Which of the following is true?

Relationship among three sides of triangle : Is it possible to have a triangle with sides measuring 10ft, 12 ft, and 23 ft.? A mountain road is inclined 30 degrees with the horizontal, if a pick-up truck drives 2 mi. on this road , what change in altitude has been achieved?

Using a matrix or chart,compare and contrast the pro and con : Comparison Matrix: Using a matrix or chart, compare and contrast the pro and cons of the following; Integrated social studies learning

What is the amount of patricia''s deduction against salary : During the current year, Patricia sells activity C for an $18,000 taxable gain. Patricia's salary for the year is $100,000. What is the amount of Patricia's deduction against salary income?

Calculate the final temperature of a mixture : calculate the final temperature of a mixture of 130.0 g of ice initially at -22.5 Celsius and 310.0 g of water initially at 80.5 Celsius.

What would you pay for an investment that pays you : what would you pay for an investment that pays you $20000 at the end of each year for the next ten years and then returns a maturity value of 300,000 after ten years? assume that the relevant interest rate for this type of investment is 8%

Family value stores : Family Value Stores [FVS] is a large department store in a Melbourne. Sales are made on the following terms: Cash; Lay-by

Number of the pages : I wanted them to be on the bottom of the pages.( please pick the best style). no page number shown on the first page. from second page to 4 fourth page , ( roman lower case numeral)

User Account

All Pages