Question 3. 3. (TCOs 3, 4, 5, and 7) Maurice has three passive activities and ha

Question

Question 3. 3. (TCOs 3, 4, 5, and 7) Maurice has three passive activities and has at-risk amounts in excess of $200,000 for each. During the year, the activities produced the following income (losses).

Activity A

($75,000)

Activity B

($25,000)

Activity C

$40,000

Net passive loss

($60,000)

Maurice's suspended losses are as follows. (Points : 5)

       $75,000 allocated to A; $25,000 to B
       $15,000 allocated to A; $45,000 to B
       $45,000 allocated to A; $15,000 to B
       $20,000 allocated to A, B, and C
       None of the above

Question 3. 3. (TCOs 3, 4, 5, and 7) Maurice has three passive activities and has at-risk amounts in excess of $200,000 for each. During the year, the activities produced the following income (losses).

Activity A

($75,000)

Activity B

($25,000)

Activity C

$40,000

Net passive loss

($60,000)

Maurice's suspended losses are as follows. (Points : 5)

Explanation / Answer

Answer:

$45,000 allocated to A; $15,000 to B

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