Problem I:8-47 Passive Losses. In 2010, Julie, a single individual, reported the

Question

Problem I:8-47

Passive Losses. In 2010, Julie, a single individual, reported the following items of income and deduction:

Salary $166,000
Interest income $14,000
Long-term capital gain from sales of stock $22,000
Short-term capital losses from sales of stock ($17,000)
Loss from a passive rental real estate activity ($20,000)
Interest expense on loan to purchase stock ($21,000)
Qualified residence interest on residence ($12,000)
Charitable contributions ($8,000)
Property taxes on residence ($5,000)
Tax return preparation fees ($2,500)
Unreimbursed employee business expenses ($2,000)


Julie owns 100% and is an active participant in the rental real estate activity. What is
Julie’s taxable income in 2010?

Textbook: Prentice Hall's Federal Taxation 2011: Individuals, by Thomas R. Pope, Kenneth E. Anderson, and John L. Kramer

Explanation / Answer

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