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Patrick O'Hara, Social security number 506-23-9876, had the following passive activities Activity A(nonrental activity) had a loss of $6000 Activity
Patrick O'Hara, Social security number 506-23-9876, had the following passive activitiesActivity A(nonrental activity) had a loss of $6000Activity B (nonrental activity) had a net income of $ 10,000Activity C ( rental activity) had a net income of $ 54,000. Activity C also had suspended losses from prior years totaling $ 60,000Activity D ( Rental activity) had a loss of $ 35000 this year and $ 12,000 of suspended losses from prior yearsPatrick actively participates in the operations of the two rental activities and does not live in either activity's buildings. Patrick also has other adjusted gross income of $ 110,000A. Determine the passive activity results for PatrickB Determine the amount of passive activity income and losses that came be used for all the properties for Patrick
Answer:1. Calculation of Passive Activity Results for Patrick:Passive income is the income which is derived from the activity in which the taxpayerdoes not have material participation. But all...