ried and filing a joint return. Their modified adjusted gross income is $90,000. Jac participates in a rental activity that resulted in a $13,000 loss. Owen, on the other hand, has $5,000 income from a limited partnership in which he doesn't materially participate. The majority of their income comes from wages. Determine the portion of the passive loss from the rental activity that can be utilized to reduce their income from wages. $0 $5,000 $8,000 $13,000
ried and filing a joint return. Their modified adjusted gross income is $90,000. Jac participates in a rental activity that resulted in a $13,000 loss. Owen, on the other hand, has $5,000 income from a limited partnership in which he doesn't materially participate. The majority of their income comes from wages. Determine the portion of the passive loss from the rental activity that can be utilized to reduce their income from wages. $0 $5,000 $8,000 $13,000
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 50P
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