Joseph has AGI of $170,000 before considering the $20,000 rental loss for property which he actively manages. How much of the rental loss can he deduct?
A) $0
B) $10,000
C) $20,000
D) $25,000
A) $0
His AGI exceeds $150,000, so no portion of the rental loss is deductible.
You might also like to view...
In the context of operations management, flexibility can refer to ______.
A. a firm’s ability to produce a range of different products and services B. a firm’s ability to remain unwavering in its commitment to business strategy C. a firm’s ability to remain unwavering in its commitment to functional strategy D. a firm’s ability to remain unwavering in its commitment to corporate strategy
A legal relationship sufficiently close and direct to support a legal claim on behalf of or against another with whom the relationship exists is referred to as ________
A. accommodation B. privity C. mutual consent D. claim preclusion
Which of the following statements best describes the role of current and accumulated E&P in determining if a distribution is a dividend?
A. A distribution will only be a dividend if total E&P (current plus accumulated) is positive at the time of the distribution. B. At a minimum, some portion of the distribution will be a dividend if current E&P for the year is positive, even if accumulated E&P is negative. C. A distribution can never be a dividend if current E&P is negative. D. A distribution will never be a dividend if current E&P for the year is negative, even if accumulated E&P is positive.
A gumball machine contains three colours of gumballs. There are 10 red gumballs, 10 blue gumballs, and 20 white gumballs. If you take a random sample of four gumballs from the machine and three are white, what is the probability that the fourth will be blue?
a. .25 b. .50 c. .75 d. none of the above