Schedules K-1, General Question 20 of 75 Which step must be completed first to d

Question

Schedules K-1, General Question 20 of 75 Which step must be completed first to determine theallowable losses when a taxpayer has multiple passive activitie s? O Figure the allowable loss from other passive activities. O Figure the allowable loss from rental real estate activities with active participation. O Figure the income or loss from each separate activity in the usual manner O Figure the allowable loss from rental real estate activities with significant participation. Mark for follow up Question 21 of 75. Portfolio income includes all of the following EXCEPT: O Royalties not derived in the ordinary course of a trade or business. O Dividends from accumulated earnings and profits of an S corporation. O Guaranteed payments received by a partner. O Interest Mark for follow up

Explanation / Answer

20.

To determine allowablw losses, first income and loss are to be calculated, thus anwer is Option C

21.

Portfolio income is the income earned from investment made, it can be managed by one self or through some agent.

However, Guaranteed payments from partner are to be earnd by working for it and is not an investment income but income from regular busies.. Hence answer is Option C

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