Top Posters
Since Sunday
k
1
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
Sheena Maskell Sheena Maskell
wrote...
Go to Answer
Posts: 1902
Rep: 44 0
7 years ago
Nancy reports the following income and loss in the current year.

Salary   $60,000
Income from activity A   18,000
Loss from activity B   (  9,000)
Loss from activity C   ( 13,000)

All three activities are passive activities with respect to Nancy. Nancy also has $21,000 of suspended losses attributable to activity C carried over from prior years. During the year, Nancy sells activity C and realizes a $15,000 taxable gain. What is Nancy's AGI as a result of these transactions?
A) $50,000
B) $55,000
C) $64,000
D) $71,000
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
Read 214 times
2 Replies
Replies
Answer verified by a subject expert
Yoko900Yoko900
wrote...
#1
Top Poster
Posts: 1876
Rep: 52 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Sheena M. Author
wrote...
#2
7 years ago
I took a chance with your answer

It was right
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  867 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 70
  
 1076
  
 336
Your Opinion
Do you believe in global warming?
Votes: 370
Previous poll results: Which industry do you think artificial intelligence (AI) will impact the most?