I only need the answer for Aretha on part C. Thanks! b. How much of the loss can Betina deduct?Betina9,600FoedbackCheck My WorkC. Assume the same facts except that Aretha's adjusted gross income before the rental loss is $145,000 and Betina's is $140,000.How much of the loss can Aretha and Betina deduct?ArethaBetina9,600Feedback Real Estate Activities (LO. 7)Aretha and Betina own a 10-unit apartment complex. Aretha owns a 60% interest in the apartment complex, and Betina has a 40% interest. Aretha is an investmentbanker and spends 120 hours helping to manage the apartment complex. Betina is the co-owner of a real estate agency where she works 1,600 hours a year. She alsospends 520 hours managing the apartment complex. During the current year, the apartment complex generates a loss of $24,000. Aretha's adjusted gross income beforeconsidering the loss from the apartment complex is $175,000, and Betina's is $162,000.Note: Assume for purposes of this Problem that both individuals have enough at-risk to deduct losses allowed. If an amount is zero, enter "o".a. How much of the loss can Aretha deduct?ArethaFeedbeckCheck My. Workb. How much of the loss can Betina deduct?Betina9,600Fanthack

Solution:- c) Assume the same facts except that Aretha's AGI before the rental loss is $145000 and…

Answered: C. Assume the same facts except that…

C. Assume the same facts except that Aretha's adjusted gross income before the rental loss is $145,000 and Betina's is $140,000. How much of the loss can Aretha and Betina deduct? Aretha Betina 9,600

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 28P

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Question

I only need the answer for Aretha on part C. Thanks!

b. How much of the loss can Betina deduct?
Betina
9,600
Foedback
Check My Work
C. Assume the same facts except that Aretha's adjusted gross income before the rental loss is $145,000 and Betina's is $140,000.
How much of the loss can Aretha and Betina deduct?
Aretha
Betina
9,600
Feedback

Real Estate Activities (LO. 7)
Aretha and Betina own a 10-unit apartment complex. Aretha owns a 60% interest in the apartment complex, and Betina has a 40% interest. Aretha is an investment
banker and spends 120 hours helping to manage the apartment complex. Betina is the co-owner of a real estate agency where she works 1,600 hours a year. She also
spends 520 hours managing the apartment complex. During the current year, the apartment complex generates a loss of $24,000. Aretha's adjusted gross income before
considering the loss from the apartment complex is $175,000, and Betina's is $162,000.
Note: Assume for purposes of this Problem that both individuals have enough at-risk to deduct losses allowed. If an amount is zero, enter "o".
a. How much of the loss can Aretha deduct?
Aretha
Feedbeck
Check My. Work
b. How much of the loss can Betina deduct?
Betina
9,600
Fanthack

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