ACCT 553 Week 6 Assignment You Decide For more course tutorials visit www . uophelp . com
7 . ( TCO G ) All of the outstanding stock of a closely held C corporation is owned equally by David Smith and Steve Bufusno . In 2012 , the corporation generates taxable income of $ 30,000 from its active business activities . In addition , it earns $ 20,000 of interest from investments and incurs a $ 40,000 loss from a passive activity . How much income does the C corporation report for 2012 ? 8 . ( TCO G ) Mike , who is single , has $ 100,000 of salary , $ 15,000 of income from a limited partnership , and a $ 30,000 passive loss from a real estate rental activity in which he actively participates . His modified adjusted gross income is $ 100,000 . Of the $ 30,000 loss , how much is deductible ? 9 . ( TCO F ) Pam owns a sole proprietorship , and Kevin is the sole shareholder of a C ( regular ) corporation . Each business sustained a $ 16,000 operating loss and a $ 2,500 capital loss for the year . Evaluate how these losses will affect the taxable income of the two owners ? 10 . ( TCO G ) Briefly ( 1 ) define and ( 2 ) discuss the purpose and impact of each of the following : a . net operating loss b . at-risk rules c . tax shelter ---------------------------------------------------------------------------
ACCT 553 Week 6 Assignment You Decide For more course tutorials visit www . uophelp . com
ACCT 553 Week 6 You Decide