Answer:
a. Brad might be allowed to deduct up to $25,000
or Brad may be allowed to deduct the loss if he works more than 750 hours as a material participant in connection with the townhouse complex and more than half of personal service.
b. The reduction is equal to 50% of AGI in excess of $100,000. The deduction will be phased out completely if AGI reaches $25,000
Explanation:
Adjusted Gross Income is the final taxable income after all the allowable deductions are adjusted in the income. A tax payer can deduct up to $25,000 for the passive losses. This is standard deduction which Brad can deduct from the income.
Answer:
true
Explanation:
tarrifs raise the price of foreign goods
Answer:
C
Explanation:
The drawee is the bank with which the drawer has an account.
The tax sheltered prgrma to encourage self employed people to acculumlate reitment funds is called Keogh plan.
A Keogh plan is a tax-deferred pension plan available to self-employed individuals or unincorporated organizations for retirement functions. A Keogh plan can be set up as both a defined-benefit plan or a defined-contribution plan, though maximum plans are set as the latter. A Keogh plan is a type of retirement investment account for self-employed people and business owners. Contributions to a Keogh plan are made pre-tax, while withdrawals in retirement face income tax. Positive sorts of Keogh plans may have higher contribution limits than other retirement debts.
A Keogh plan (is a tax-deferred pension account for self-employed people and employees of unincorporated businesses. Like IRAs, an worker can also put almost available investment into a Keogh plan, and the investment earnings develop on a tax-deferred basis.
Learn more about Keogh plan here:-
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