Bearing had sufficient amounts at risk for the rental


Question - A review of Bearing's Year 2 records disclosed the following tax information: Wages $ 30,000 Taxable interest and qualifying dividends 4,000 Schedule C trucking business net income 32,000 Rental (loss) from residential property (35,000) Limited partnership (loss) (5,000)Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing's Year 2 adjusted gross income?

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Accounting Basics: Bearing had sufficient amounts at risk for the rental
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