Lori and Donald Own a Condominium in Colorado Springs,Colorado,that They

question 11

Multiple Choice

Lori and Donald own a condominium in Colorado Springs,Colorado,that they rent out part of the time and use during the summer.The rental property is classified as personal/rental property and their personal use is determined to be 75% (based on the IRS method) .They had the following income and expenses for the year (before any allocation) : $\begin{array}{lll}\text { Gross rental income}&\$2,000\\\text {Interest and taxes }&3,200\\\text { Utilities and maintenance}&2,200\\\text {Depreciation }&4,000\\\end{array}$
How much net loss should Lori and Donald report for their condominium on their tax return this year?

• A)$0.
• B)$3,350 loss.
• C)$7,400 loss.
• D)$9,000 loss.

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Definitions:

Intestinal Lumen

The hollow part of the intestine through which digested food and secretions move.

Ions

Atoms or molecules that carry a net electric charge due to the loss or gain of one or more electrons.

Insulin

A hormone produced by the pancreas that regulates blood sugar levels by facilitating the uptake of glucose into tissues.

Glucose Transport

The process by which glucose is moved across cell membranes, typically involving specific transport proteins, to provide energy to cells.