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boyakko [2]
3 years ago
8

Melinda earns wages of $80,000, income from a limited partnership of $10,000, and a $30,000 passive activity loss from a real es

tate rental activity in which she actively participates. Her modified adjusted gross income is $80,000. Of the $30,000 loss, Melinda may deduct:
Business
1 answer:
Aliun [14]3 years ago
6 0

Answer:

Melinda may deduct is $30,000

Explanation:

given data

income = $80,000

limited partnership loss = $10,000

gross income = $80,000

loss = $30,000

solution

we know that here entire loss will be deducted

so as  $10,000 loss is deducted form income from limited partnership

and balance is $20,000 from salary income

because she actively participates in the activity

so Melinda may deduct is $30,000

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Answer:

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3 years ago
When a full set of general purpose financial statements are presented, comprehensive income and its components should:
Usimov [2.4K]

When a full set of general-purpose financial statements are presented, comprehensive income and its components should (D) be presented as part of the Income Statement or as a separate financial statement following the Income Statement.

<h3>Comprehensive income and its components:</h3>
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Therefore, when a full set of general-purpose financial statements are presented, comprehensive income and its components should (D) be presented as part of the Income Statement or as a separate financial statement following the Income Statement.

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The correct question is given below:

When a full set of general-purpose financial statements are presented, comprehensive income and its components should:

A. Appear below income from continuing operations in the Income Statement.

B. Reported net of related income tax effect, in total and individually.

C. Appear in a supplemental schedule in the notes to the financial statements.

D. Be presented as part of the Income Statement or as a separate financial statement following the Income Statement.

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2 years ago
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