Bradley actively participated in the rental property and


A review of Bradley's Year 2 records disclosed the following tax information. 

Wages

$18,000

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)

Bradley actively participated in the rental property and was a limited partner in the partnership. Bradley had sufficient amounts at risk for the rental property and the partnership. What is Bradley's Year 2 adjusted gross income?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Bradley actively participated in the rental property and
Reference No:- TGS02550578

Now Priced at $10 (50% Discount)

Recommended (96%)

Rated (4.8/5)