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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 45
Kia Lopez (SSN 121-12-1212) resides at 101 Poker Street, Apt. 12A, Hickory, FL 12345.
Her W-2 shows the following:
In 2009, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia's share of ARLP income and losses for the year per her K-1 were as follows:
ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities.
Prepare Form 1040 for Kia Lopez for 2009. You will need Form 1040, Schedule E (page 2), Form 6198, and Form 8582.
Her W-2 shows the following:
In 2009, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia's share of ARLP income and losses for the year per her K-1 were as follows: ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities.Prepare Form 1040 for Kia Lopez for 2009. You will need Form 1040, Schedule E (page 2), Form 6198, and Form 8582.
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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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