On january 1, x9, gerald received his 50% profits and capital interest in high air, llc in exchange for $2,000 in cash and real property with a $3,000 tax basis secured by a $2,000 nonrecourse mortgage. high air reported a $15,000 loss for its x9 calendar year. how much loss can gerald deduct, and how much loss must he suspend if he only applies the tax basis loss limitation? a. $0, $4,000 b. $0, $7,500 c. $0, $15,000 d. $4,000, $0 e. none of the above

Carolyn has a 50 percent interest in a general partnership that has a $14,000 loss for the year. she materially participates in the partnership. her basis in the partnership is $10,000. she also has salary from other employment of $46,000. if she is single, has no dependents, and claims the standard deduction, what is her taxable income and her tax liability in 2017

In a macroeconomic context, what are implicit liabilities? money owed to people possessing government issued bonds. the amount of money that firms collectively owe to shareholders. money that the government has promised to pay in the future. payments that the federal government undertakes only during periods of recession. which of the choices is a significant implicit liability in the united states? military spending education spending national science foundation spending social security

Comprehensive illustrative problem: mira's store on february 1 20a4 mica delaman opened astore that sells school supplies her main customer are the students and teachers of happy students school that is situated in front of her store. mira wanted to know the financial position of mira's store. mira knew you were studying accounting. so she asked for . 1. to start her business mira's opened a checking account in the name of mira's store . the statement of account from the bank shows that the checking account has a balance of 31,535 of december 31,20a4