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Mannarino acquired a passive activity in January of 2013. His at-risk basis at the beginning of 2015 was $65,000. This is the only passive activity...
Mannarino acquired a passive activity in January of 2013. His at-risk basis at the beginning of 2015 was $65,000. This is the only passive activity that Mannarino owns. Mannarino's share of income and loss from the activity is as follows:
2015 <$95,000>
2016 55,000
Complete the following tables.
AT RISK RULES ONLY
FOR 2015
Deductible under at-risk provisions ____________________
Adjusted basis at 12/31/15 ____________________
Suspended under at-risk provisions ____________________
FOR 2016
Deductible under at-risk provisions ____________________
Adjusted basis at 12/31/16 ____________________
Suspended under at-risk provisions ____________________
PASSIVE RULES ONLY
FOR 2015
Deductible under passive loss provisions ____________________
Suspended under passive loss provisions ____________________
FOR 2016
Deductible under passive loss provisions ____________________
Suspended under passive loss provisions ____________________
BONUS (apply both at risk and passive rules)
FOR 2015
Deductible under at-risk provisions ____________________
Adjusted basis at 12/31/15 ____________________
Suspended under at-risk provisions ____________________
Deductible under passive loss provisions ____________________
Suspended under passive loss provisions ____________________
FOR 2016
Deductible under at-risk provisions ____________________
Adjusted basis at 12/31/16 ____________________
Suspended under at-risk provisions ____________________
Deductible under passive loss provisions ____________________
Suspended under passive loss provisions ____________________
