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NO.1 Don Wolf became a general partner in Gata Associates on January 1, 1989, with a 5% interest in
Gata's
profits, losses, and capital. Gata is a distributor of auto parts. Wolf does not materially participate in
the
partnership business. For the year ended December 31, 1989, Gata had an operating loss of
$100,000.
In addition, Gata earned interest of $20,000 on a temporary investment. Gata has kept the principal
temporarily invested while awaiting delivery of equipment that is presently on order. The principal
will be
used to pay for this equipment. Wolf's passive loss for 1989 is:
A. $6,000
B. $4,000
C. $5,000
D. $0
Answer: C

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Explanation
Choice "c" is correct. Wolf's passive loss for 1989 is $5,000 ( $100,000 operating loss * 5% interest in
partnership).
Choice "a" is incorrect. Wolf did not materially participate in the partnership, so the loss was passive.
Choice "b" is incorrect. Wolf's passive loss of $5,000 could not be reduced by his distributive share of
the
partnership's "interest income" totaling $1,000. Interest income is considered "portfolio income,"
and
neither the partnership nor a partner can offset it against passive losses.
Choice "d" is incorrect. No items of income or deduction from portfolio income or activities in which
the
taxpayer materially participates may be combined or offset with passive losses unless the activity
generating the loss is completely disposed of in a taxable transaction.

NO.2 Clark bought Series EE U.S. Savings Bonds after 1989. Redemption proceeds will be used for
payment of
college tuition for Clark's dependent child. One of the conditions that must be met for tax exemption
of
accumulated interest on these bonds is that the:
A. Bonds must be bought by the owner of the bonds before the owner reaches the age of 24.
B. Purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her
spouse).
C. Bonds must be transferred to the college for redemption by the college rather than by the owner
of the
bonds.
D. Bonds must be bought by a parent (or both parents) and put in the name of the dependent child.
Answer: B

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Explanation
Choice "a" is correct. One of the conditions that must be met for tax exemption of accumulated
interest on
the bonds is that the purchaser of the bonds must be the sole owner of the bonds (or joint owner
with his
or her spouse).
Choice "b" is incorrect. The bonds must be bought and put in the name of the owner or co-owner,
not in
the name of the dependent child.
Choice "c" is incorrect. The owner must be at least 24 years old before the bonds issue date.
Choice "d" is incorrect. There is no requirement that the bonds must be transferred to the college for
redemption by the college rather than by the owner of the bonds.

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