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transportation, $1,200 for lodging, and $400 for meals. What is
Emily’s deduction associated with this charitable activity?
11. Josh has investments in two passive activities. Activity A
(acquired three years ago) produces income of $30,000 this year,
while Activity B (acquired two years ago) produces a loss of $50,000.
What is the amount of Josh’s suspended loss for the year?
12. Rick, a computer consultant, owns a separate business (not real
estate) in which he participates. He has one employee who works
part-time in the business
13. Charles owns a business with two separate departments.
Department A produces $100,000 of income and Department B incurs
a $60,000 loss. Charles participates for 550 hours in Department A
and 100 hours in Department B. He has full-time employees in both
departments
14. Sandra acquired a passive activity three years ago. Until last
year, the activity was profitable and her at-risk amount was $300,000.
Last year, the activity produced a loss of $100,000, and in the current
year, the loss is $50,000. Assuming Sandra has received no passive
income in the current or prior years, her suspended passive loss from
the activity is:
15. Nell sells a passive activity with an adjusted basis of $45,000 for
$105,000. Suspended losses attributable to this property total
$45,000. The total gain and the taxable gain are:
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ACC 307 Final Exam Part 2
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