During the current year, gene, a cpa, performs services as follows: 1,800 hours in his tax practice and 50 hours in an apartment leasing operation in which he has a 15% interest.
because of his oversight duties, gene is considered to be an active participant.
he expects that his share of the loss realized from the apartment leasing operation will be $30,000 and that his tax practice will show a profit of approximately $80,000.
gene is single and has no other income.
what is the character and treatment of the income and losses generated by these activities?
a. is gene considered a material participant in the tax practice? is gene considered a material participant in the apartment leasing operation?
b. in the current year, gene can deduct $ of the real estate rental activity loss and any remaining loss is as a activity loss.
hilary buys a home for $100,000 and puts down 20 percent with a 5 percent mortgage. she sells it after 1 year when the house has declined in value by 4 percent. ignoring any real estate commissions or mortgage amortization, what has been the rate of return on her investment for the year?
-40 (if 4% mortgage, -36 percent)
ap courses are part of the college board organization that requires students to take a rigorous test at the end of the course to potentially earn college credit. a dual credit course on the other hand is an official course at loyola university chicago.
the world_record_egg gained more than 25 million likes in just 10 days after posting a image of an egg on 4 january with the caption: “let’s set a world record together and get the most liked post on instagram.”