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Rodney invested $50,000 in a partnership interest during January of 2020. Under the partnership agreement, Rodney was allocated $25,000 of the partnership's recourse loans at the time of entering into the partnership. During 2020, Rodney's share of income from the partnership was $8,000 and he withdrew $6,000 in cash. Also during the year, the partnership paid off $50,000 of its recourse loans and Rodney's allocable share of this loan reduction was $5,000. At the beginning of 2021, what was Rodney's amount at risk in the partnership investment? (Topic 8) ? Rhonda devotes all of her working hours as a financial manager at a corporate holding company. Rhonda has wages of $100,000, interest income of $5,000, capital gains of $10,000, and a loss of $5.000 from a limited partnership interest in a partnership that operates hardware stores throughout the Midwest. What is Rhonda's adjusted gross income? (Topic 8) Pam owns a small rental office building that she actively manages and she spends about 300 hours per year working on building matters. The rental loss from operating the building is $9.000. Pam adjusted gross income is $138,000 (from employment income of $133,000 and dividend income of $5,000). (CH11) What is the amount of Pam's deductible rental loss? Question 1 (1 point) Which of the following statements about the deduction for investment interest expense is (are) true? (Topic 7) investment interest expense can be deducted only up to net investment income Investment interest expense is an itemized deduction Investment income does not include qualified dividends and long-term capital gains unless the taxpayer agrees to forego preferential rates All of the above are true

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