Finding passive activity results


1) Patrick O'Hara, Social security number 506-23-9876, had following passive activities

Activity A(nonrental activity) had a loss of $6000

Activity B (nonrental activity) had a net income of $ 10,000

Activity C ( rental activity) had a net income of $ 54,000. Activity C also had suspended losses from prior years totaling $ 60,000

Activity D ( Rental activity) had a loss of $ 35000 this year and $ 12,000 of suspended losses from prior years

Patrick keenly partakes in operations of 2 rental activities and doesn’t live in either activity's buildings. Patrick also has other adjusted gross income of $ 110,000

i) Find out passive activity results for Patrick.

ii) Find out the amount of passive activity income and losses that came be used for all the properties for Patrick.

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Finance Basics: Finding passive activity results
Reference No:- TGS015353

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