A taxpayer has the following income (losses)for the current year:
$\frac{\text { Active Income }}{\$ 98,000} \quad \frac{\text { Portfolio Income }}{\$ 22,000} \quad \frac{\text { Passive Income }}{\$(30,000)}$
What is the taxable income (loss)of the taxpayer if:
a.The taxpayer is a publicly held corporation?
b.The taxpayer is a closely held corporation?
c.The taxpayer is an individual and the passive income is not from a rental activity?
d.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer qualifies as a real estate professional.
e.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer fails to qualify as a real estate professional but meets the active participation test?

Question

A taxpayer has the following income (losses)for the current year:
 $\frac{\text { Active Income }}{\$ 98,000} \quad \frac{\text { Portfolio Income }}{\$ 22,000} \quad \frac{\text { Passive Income }}{\$(30,000)}$ 
What is the taxable income (loss)of the taxpayer if: 
a.The taxpayer is a publicly held corporation?
b.The taxpayer is a closely held corporation?
c.The taxpayer is an individual and the passive income is not from a rental activity?
d.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer qualifies as a real estate professional.
e.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer fails to qualify as a real estate professional but meets the active participation test?

Quizplus · Accepted Answer

The Answer of A taxpayer has the following income (losses)for the current year:
 $\frac{\text { Active Income }}{\$ 98,000} \quad \frac{\text { Portfolio Income }}{\$ 22,000} \quad \frac{\text { Passive Income }}{\$(30,000)}$ 
What is the taxable income (loss)of the taxpayer if: 
a.The taxpayer is a publicly held corporation?
b.The taxpayer is a closely held corporation?
c.The taxpayer is an individual and the passive income is not from a rental activity?
d.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer qualifies as a real estate professional.
e.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer fails to qualify as a real estate professional but meets the active participation test?