- 6 -
is $148,937. Petitioners’ adjusted gross income exceeds $100,000
by $48,937. Fifty percent of $48,937 is $24,468 (rounded). The
maximum offset amount is $25,000. Thus, under section 469(i),
petitioners are entitled to a rental real estate loss of $532 for
taxable year 1998, the amount determined by respondent.
Reviewed and adopted as the report of the Small Tax Case
Division.
Decision will be entered
for respondent.
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Last modified: May 25, 2011