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Author Question: Nancy reports the following income and loss in the current year. All three activities are passive ... (Read 87 times)

justinmsk

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Nancy reports the following income and loss in the current year.



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?
◦ $50,000
◦ $55,000
◦ $64,000
◦ $71,000


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Marked as best answer by justinmsk on Sep 13, 2020

CharlieArnold

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justinmsk

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


smrtceo

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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