[jeff]

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Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Qlad]

In the current year A had wages of $60,000 in wages from full time job. His share of net income as limited partner in the DD ltd. was 10000. He also had a rental loss from house of $30,000 how much net income does A has?

….for this the answer is 40000…

I want to know if the wages were say $130,000…how wud we calculate….i know there is some special calculation if above $100,000 …but can't remember…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

In the current year A had wages of $60,000 in wages from full time job. His share of net income as limited partner in the DD ltd. was 10000. He also had a rental loss from house of $30,000 how much net income does A has?

….for this the answer is 40000…

I want to know if the wages were say $130,000…how wud we calculate….i know there is some special calculation if above $100,000 …but can't remember…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Skrier]

Qlad, if I am understanding your question correctly, under the Mom and pop rule, the allowance is reduced by 50% of taxpayers AGI over $100k, so the allowance would be completely eliminated with AGI over $150k. Is this what you are referring to?

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

Qlad, if I am understanding your question correctly, under the Mom and pop rule, the allowance is reduced by 50% of taxpayers AGI over $100k, so the allowance would be completely eliminated with AGI over $150k. Is this what you are referring to?

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Qlad]

yes..skrier…mom pop rule…do u think this will be the way to calculate?

so 130000-100000= 30000*50%=15000

therefore (active) 25000-15000= 10000

and this 10000 we can reduce from wages of 130000 and the answer will be 120000….i hope i m right…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

yes..skrier…mom pop rule…do u think this will be the way to calculate?

so 130000-100000= 30000*50%=15000

therefore (active) 25000-15000= 10000

and this 10000 we can reduce from wages of 130000 and the answer will be 120000….i hope i m right…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[terranz]

@insiyah –

so ‘PERSONAL PROPERTY TAX' = ad valorum tax? all personal taxes or items are NOT deductible i thought?

did you see my question about tender offers? (in reference to a mcq you asked about)

beckers 2012 is still 250/500, occupy 2 out of 5 yrs.

and does no one else thinks the “25% of gross income” statute of limitations is an issue?

two places are saying 2 diff answers, 29000 or 109000…

[terranz]

@insiyah –

so ‘PERSONAL PROPERTY TAX' = ad valorum tax? all personal taxes or items are NOT deductible i thought?

did you see my question about tender offers? (in reference to a mcq you asked about)

beckers 2012 is still 250/500, occupy 2 out of 5 yrs.

and does no one else thinks the “25% of gross income” statute of limitations is an issue?

two places are saying 2 diff answers, 29000 or 109000…

[Skrier]

Qlad, that is also how I understand the rule. Hopefully there is someone that can clarify this for us.

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

Qlad, that is also how I understand the rule. Hopefully there is someone that can clarify this for us.

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Qlad]

@skrier….thanks…this is the only thing i got right today..(.if this is how we do it)…that is, unless the amount deductible does not exceed the actual loss of $20,000 u can deduct it and rest carry forward…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

@skrier….thanks…this is the only thing i got right today..(.if this is how we do it)…that is, unless the amount deductible does not exceed the actual loss of $20,000 u can deduct it and rest carry forward…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Skrier]

@terranz…looking at the fact pattern you posted earlier, the statute of limitation applies if 25% or more of gross income is misstated. I assume that to be gross receipts and capital gains. I think this is what you are asking correct?

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

@terranz…looking at the fact pattern you posted earlier, the statute of limitation applies if 25% or more of gross income is misstated. I assume that to be gross receipts and capital gains. I think this is what you are asking correct?

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Kenada]

yes that personal property tax is deductible because it is an “imposed” tax. you have pay it.

For the 25 % rule it is on Gross Income.. 29,000 is not correct.

FAR 05/27/14; 786/110 - Done !

[Author]

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