Subject: Business    / Accounting

TXX5768

1)Which of the following statements is/are false?
A.

“Active participation” in rental real estate is synonymous with “material participation” for purposes of the passive activity loss rules.
B.

An individual taxpayer may offset up to $25000 of passive rental losses against non-passive income sources as long as the taxpayer meets the active participation standard with respect to a rental activity which the taxpayer owns at least a 10% interest.
C.

The $25000 allowance for losses on rental activities for individuals with active participation is completely disallowed when modified adjusted gross income exceeds $150,000.
D.

The $25000 allowance for rental losses for individuals with active participation BEGINS to be disallowed when the taxpayer’s modified adjusted gross income exceeds $100,000.
E.

All of the above statements are true.
F.

All of the above statements are false.
G.

Only A & D are false.

2)Which of the following statements is/are false?
A.

Personal Service Corporations apply the passive activity loss rules at the shareholder level and not at the entity level.
B.

C corporations apply the passive activity loss rules at the entity level and not the shareholder level.
C.

S corporations apply the passive activity loss rules at the entity level and not the shareholder level.
D.

Partnerships apply the passive activity loss rules at the partner level and not the entity level.
E.

All of the above are true.
F.

A & C are both false.
G.

A & D are both false.

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There has been increased interest and debate as to the desirability of sanctuary cities in Canada. The debate bothers on one view that the government should embrace reality to not only accept but to also have a comprehensive policy for the sustenance of sanctuary cities in Canada while the other view kick against its desirability and support. Write an argumentative essay, putting into use your critical thinking skills and power of analysis, the debate between the desirability or otherwise of sanctuary cities in Canada. The topic must be thoroughly researched and this must show in your essay. You are to discuss the pros and cons of both sides of the debate before you state, in clear terms, your own point of view. The essay should be between 5-7 pages or 2,500-3,500 words excluding the references. All sources must be properly acknowledged in the references. Wikipedia is not acceptable as academic reference. The assignment should clearly indicate the: Title of the Assignment, Course Title & Numbers, Instructor’s Name and Student’s Names and I.D. Number at the top of the first page of the assignment. The font should Time New Roman 12 with 1.5 line spacing. References should be APA format. The essay must be submitted in hard copy.

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