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Passive Losses (LO. 5) Janet has a taxable income...

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Accounting

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Passive Losses (LO. 5) Janet has a taxable income of $55.890 from her salary and investment assets. She also owns 3 passive activities that have the folloning income (loss) for the year: Passive Activity 1 Passive Activity 2 Passive Activity 3 $12,790 $(19,320) $(8,270) Note: Do not round your intermediate computations. Round your final answers to the nearest dollar. a. What is the effect of the passive activities on Janet's income? Janet has a loss of b. How much suspended loss does Janet have in each passive activity? Of Janet's She is allowed to deduct these losses . Her net taxable income is suspended loss is allocated to Passive Activity 2 and to Passive Activity 3

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