R1 Flashcards
1
Q
What are the net operating loss limitations?
A
Combined business loss can be deducted by
IF single $305,000
if Married $310,000
2
Q
Self employment tax
A
Business income x 92.35% = Y
Y*15.3%
3
Q
Net operating income/loss
A
Gross rental income
+Prepaid rental income
+Rental cancelation payment
+Improvements in lieu of rent
-Rental expanses
4
Q
Distributions to partners and S corporation shareholders?
A
Are not taxed
