Passive activity losses of an individual taxpayer can generally be used to offset

A partner in a real estate partnership had a basis of $5,000 at the beginning of the year and a basis of $10,000 at year end. The partner's at-risk amount at year end was $8,000. The partner's Form K-1 listed $12,000 as the partner's share of the partnership's ordinary loss. What amount can the partner deduct on the partner's tax return?

Alan created a trust for the benefit of his son, George. Alan does not have the right to change any terms of the trust once established and has no right to income. All trust income is to be distributed to George on an annual basis. How should the trust income be reported?

A and B are equal members in AB LLC which has not elected to be treated as a corporation. A contributes cash of $7,000 and B contributes a machine with an adjusted basis of $5,000 and FMV of $10,000, subject to a liability of $3,000. What is B’s basis in AB LLC?

ABC Inc is an S corporation that pays single coverage health insurance premiums of $4,8000 per year and family coverage premiums of $7,200 per year. A is a 10% shareholder in the S corp. On A’s behalf, ABC pays A’s family coverage under the health insurance plan. What amount of insurance premiums is includable in A’s gross income?

In a complete liquidation of a partnership, a partner would recognize a gain: