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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:
10. (TCO H) Alex Smith purchased 30 shares of XYZ stock on April
30, 2010 for $210, and on September 1, 2010, he purchased 90
additional shares for $900. On November 8, 2010, he sold 48 shares,
which could not be specifically identified, for $528, and on
December 15, 2010, he sold another 25 shares for $50. What is his
recognized gain or loss? (Points : 17)
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