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  3. 13. passive activities. (obj. 3) a taxpayer owns t

13. Passive Activities. (Obj. 3) A taxpayer owns three passive activities. Net income (loss) for...

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Accounting

13. Passive Activities. (Obj. 3) A taxpayer owns three passive activities. Net income (loss)

for each activity is shown below.

Passive Activity Net Income (or Loss)

1 $26,000

2 (13,500)

3 (18,000)

a. Compute the amount of passive loss that can offset passive income in the current

year.

b. Determine the amount of passive loss that is carried forward to each activity.

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