( TCO I ) Amos , a single individual with a salary of $ 50,000 , incurred and paid the following expenses during the year .
6 . ( TCO I ) A review of Bearing ' s Year 2 records disclosed the following tax information :
Wages $ 20,000
Bearing actively participated in the rental property and was a limited partner in the partnership . Bearing had sufficient amounts at risk for the rental property and the partnership . What is Bearing ' s Year 2 adjusted gross income ?
( TCO F ) ( Becker CPA Review Course , Reg . 1 ) Smith has an adjusted gross income ( AGI ) of $ 140,000 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 ? ( Points : 17
8 . ( TCO B ) ( Becker CPA Review Course Reg . 3 ) For the year ended December 31 , Year 6 , Taylor Corp . had a net operating loss of $ 200,000 . Taxable income for the earlier years of corporate existence , computed without reference to the net operating loss , was as follows :
9 . ( TCO F ) ( Becker CPA Review Exam Reg . 1 ) Randolph is a single individual who always claims the standard deduction . Randolph received the following in the current year :