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Janet has a taxable income of $50,500 from her salary and investment assets. She also owns 3 passive activities that have the following income (loss) for the year:
Passive Activity 1 $13,530
Passive Activity 2 $(17,040)
Passive Activity 3 $(8,720)
a. What is the effect of the passive activities on Janet's income?
Janet has a loss of $ . She is allowed to deduct these losses . Her net taxable income is $
b. How much suspended loss does Janet have in each passive activity? Of Janet's $ suspended loss, $ is allocated to Passive Activity 2 and $ to Passive Activity 3.
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Janet has a taxable income of $50,500 from her salary and investment assets. She also owns 3 passive...
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