Kenosha Corporation provided the following information:Addit…
Kenosha Corporation provided the following information:Addition modifications $70,000Allocated income – total $80,000Allocated income – State Q $60,000Allocated income – State P $20,000Apportionment percentage – State Q 45%Federal taxable income $500,000Subtraction modifications $30,000State Q tax credits $11,000State Q Tax rate 6%Determine Kenosha’s tax liability for the year for State Q.
Read DetailsMarv is a 60% partner in Sticky LLC, which is a passive acti…
Marv is a 60% partner in Sticky LLC, which is a passive activity. At the beginning of the year, Marv’s adjusted basis for his LLC interest is $80,000 and his at-risk amount is $68,000. Marv’s share of Sticky’s losses for the current year is $100,000. Marv is an owner in another passive activity that generates $20,000 of passive income for the current year. How much of Sticky’s loss is suspended under the at-risk rule?
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