Investment

Several years ago, Rachel acquired an apartment building that currently generates a loss of $35,000. She has AGI of $120,000 before considering the loss. If Rachel is not an active participant in the activity, what is the effect of the loss on her AGI?

List an advantage and a disadvantage of using the U.S. District Court as the trial court for Federal tax litigation.

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Last year, Fran invested $40,000 for an interest in a partnership in which she is a material participant. Her share of the partnership loss for last year was $50,000. In the current year, Fran’s share of the partnership’s income is $30,000.

What is the effect on her taxable income for the current year?

Brown Corporation, a personal service corporation, earns active income of $200,000 and receives $60,000 in dividends during the year. In addition, Brown incurs a loss of $45,000 from an investment in a passive activity acquired three years ago.

What is Brown’s total income for the current year after considering the passive investment?

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