For the following types of income, determine if represents active income, portfolio income or passive income

Question 1 (6 points) Question 1 Unsaved For the following types of income, determine if represents active income, portfolio income or passive income. Question 1 options:
123 Investment in a limited limited liability company where the only involvement is attending one annual meeting 123 Self employment income 123 Investment as a limited partner in a partnership 123 Dividends 123 Wages from a job 123 Interest 1. Active Income
2. Portfolio Income 3. Passive income Save Question 2 (1 point) Question 2 Unsaved Question 2 options: In 2014, Eric B. purchased for $500,000 a 20% interest in a business venture that is not subject to the passive activity rules. During 2014, his share of
the entity’s loss was $400,000. How much is Eric at risk for in 2014 prior to considering the loss?  Question 3 (1 point) Question 3 Unsaved Question 3 options: Refer to question #2. How much of the $400,000 loss in 2014 can Eric deduct?
Question 3 options:Refer to question #2.How much of the $400,000 loss in 2014 can Eric deduct?
Question 4 (1 point)
Question 4  4 options:Use the information from questions 2 & 3 to answer this question.At the beginning of 2015, the entity obtained $1,000,000 of recourse financing. During 2015, Eric withdrew cash of $30,000, and his share of the entity’s loss was $20,000.How much is Eric at risk for at the end of 2015?Question 5 (1 point)
Question 5  5 options:In 2014, Andy has passive income of $100,000 and passive losses of $250,000.How much of the passive losses can Andy deduct in 2014?Question 6 (1 point)
Question 6  6 options:Refer back to question 5.In 2015 Andy generates $200,000 of passive income and $40,000 of passive losses.How much passive loss in total can Andy deduct in 2015?
Question 7 (1 point)
Question 7  7 options:Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross rental income during the year is $4,000. Total real estate taxes for the home are $950, and interest on the home mortgage is $3,000. Annual utilities and maintenance expenses total $1,800, and depreciation expense is $4,500. Calculate Sherry's net income or loss from the vacation home for this tax year.Question 8 (1 point)
Question 8  8 options:In June of 2014, Keith accepts a new job with the same employer in San Diego. He formerly commuted 12 miles to a job in Canton, OH; San Diego is 2,150 miles from his old home. He incurs the following expenses in his move from Ohio in 2014:Moving and Packing Charges $5,100Travel during the move (including mileage at $0.235 per mile) $600Lodging during the move $900Meals during the move $300Total $6,900Keith is not reimbursed for any of these expenses by his employer. What is the amount of Keith's moving expense deduction?Question 9 (1 point)
Question 9  9 options:
What is the maximum amount a 45-year-old taxpayer and 45-year-old spouse can put into a Traditional or Roth IRA for 2014 (assuming they have sufficient earned income, but do not have an income limitation and are not covered by another pension plan)?
10 (1 point)
Question 10  10 options:Anthony, a self-employed plumber, makes a maximum contribution to his SEP. His net earned income is $40,000. How much is he allowed to contribute to the plan?Question 11 (1 point)
Question 11  11 options:Allen (age 32) takes a distribution of $20,000 from his Traditional IRA account which he plans to deposit into an IRA with a different bank. During the 60-day rollover period, he gambles and loses the entire IRA balance. What income must he show on his tax return related to the failed rollover?Question 12 (1 point)
Question 12  12 options:Refer to Allen's situation above. How much must Allen pay in penalties for withdrawing the funds from the IRA and not repaying within 60 days?


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