Bruce owns a small apartmentbuilding that produces a $25,000 loss during the yea

Question

Bruce owns a small apartmentbuilding that produces a $25,000 loss during the year. HisAGI before considering the rental loss is $85,000. Bruce mustbe an active participant with respect to the rental activity inorder to deduct the $25,000 loss under the real estate rentalexception.

All four businesses can be treatedas a single activity if Tara elects to do so.

Only the shoe store and bookstorecan be treated as a single activity, the restaurant must be treatedas a separate activity, and the jewelry store must be treated as aseparate activity.

The shoe store, bookstore, andrestaurant can be treated as a single activity, and the jewelrystore must be treated as a separate activity.

All four businesses can be treatedas a single activity if Tara elects to do so.

Explanation / Answer

2. A   - all four business can be treated as a singleactivity, if Tara elects to do so. 3. E -All of the above ( all factors are considered). 6. True - most credits are not refundable.

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