Leigh, Who Owns a 50% Interest in a Sporting Goods

question 8

Multiple Choice

Leigh, who owns a 50% interest in a sporting goods store, was a material participant in the activity for the last fifteen years. She retired from the sporting goods store at the end of last year and will not participate in the activity in the future. However, she continues to be a material participant in an office supply store in which she is a 50% partner. The operations of the sporting goods store resulted in a loss for the current year and Leigh's share of the loss is $40,000. Leigh's share of the income from the office supply store is $75,000. She does not own interests in any other activities.

• A) Leigh cannot deduct the $40,000 loss from the sporting goods store because she is not a material participant.
• B) Leigh can offset the $40,000 loss from the sporting goods store against the $75,000 of income from the office supply store.
• C) Leigh will not be able to deduct any losses from the sporting goods store until future years.
• D) Leigh will not be able to deduct any losses from the sporting goods store until she has been retired for at least four years.
• E) None of the above.

Identify the risk categories for substance abuse in individuals with disabilities.

Understand the challenges in diagnosing substance abuse and addiction in persons with disabilities.

Acknowledge the vulnerability of individuals with disabilities to alcohol and other drug abuse through peer pressure.

Recognize how certain disabilities can place an individual at risk for medication use problems.

---

Definitions:

Distribution of Returns

The way in which the earnings from an investment are paid out or reinvested.

Portfolio's Value

The total worth of all the investments held in an individual's or entity's investment portfolio.

Weighted

Adjusted for importance or relevance, usually referring to averages or sums that give different elements varying degrees of significance.

Standard Deviation

A statistical measure of the dispersion or variability of a set of values, indicating how much the values in a data set differ from the mean.