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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 53
Kurt and Ashley Tallo (SSNs 121-21-2121 and 430-34-4343) reside at 1901 Princess Ave., Park City, UT 12345. Ashley does not work outside the home. Kurt's W-2 shows the following:
The Tallos also have the following:
Kurt and Ashley have four passive activities. They received K-1s from four partnerships with the following income or loss on line1. They are at-risk in each activity, so the passive loss rules are the only obstacle.
Prepare Form 1040 for the Tallos for 2009. You will need Form 1040, Schedule A, Schedule E (page2), Form 6251, and Form 8582. Do not compute the underpayment penalty, if any.
The Tallos also have the following: Kurt and Ashley have four passive activities. They received K-1s from four partnerships with the following income or loss on line1. They are at-risk in each activity, so the passive loss rules are the only obstacle. Prepare Form 1040 for the Tallos for 2009. You will need Form 1040, Schedule A, Schedule E (page2), Form 6251, and Form 8582. Do not compute the underpayment penalty, if any.Explanation
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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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