question archive 1)Hazel has investments in two non rental passive activities: Activity A, acquired seven years ago and profitable until the current year, and Activity B, acquired this year
1)Hazel has investments in two non rental passive activities: Activity A, acquired seven years ago and profitable until the current year, and Activity B, acquired this year
Subject:BusinessPrice: Bought3
1)Hazel has investments in two non rental passive activities: Activity A, acquired seven years ago and profitable until the current year, and Activity B, acquired this year. Currently, Hazel's shares of the activities' losses are $10,000 from Activity A and $6,000 from Activity B. What is the total of Hazel's suspended losses from these activities?
2)Compute the taxable income for 2007 for Marjory on the basis of the following information Marjory is married but has not seen or heard from her husband since 2005.
Salary $60,000
Interest on bonds issued by the city of independence (MO) 2,000
Interest on CD issued by Hibernia National Bank 1,800
Cash dividend received on GE common stock 2,300
Life insurance proceeds paid on death of aunt (Marjory was the designated
Beneficiary of the policy) 50,000
Inheritance received on death of aunt 110,000
Carlton (a cousin) repaid a loan Marjory made to him in 2004 (no interest
Was provided for) 5,000
Itemized deduction (state income tax, property taxes on residence, interest On home mortgage, charitable contributions) 7,200
Number of dependents (children, ages 13 and 15) 2
Age 40
