ACCT 323 Week 4 Homework

ACCT 323 Week 4 Homework

Author: sweeden jorgh

ACCT 323 Week 4 Homework

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ACCT 323 Week 4 Homework

1) In the current tax year, Gunther earned $125,000 from his job as a civil engineer. In addition,

he received $30,000 of income from Activity A, and lost $40,000, and 20,000 from Activities B

and C respectively. Activities A, B, and C are passive activities that Gunther acquired in the

current year. What amount of loss may Gunther deduct on his current year taxes with respect to

each activity? What amount of loss, if any, must be carried over to the subsequent year for each


2) During the current year, Beth and Bill, who file a joint return, incurred the following items of

income and loss:


$ 130,000

Activity A (passive)


Activity B (rental real estate/nontrade or business)


Activity C (rental real estate/nontrade or business)


Beth and Bill actively participate in activities B and C, and they own 100% of each rental



What is their AGI for the year?


What is the amount of suspended losses, if any, that may be carried over with

respect to each activity?

3) In the current tax year, Neil’s personal automobile was totaled i

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