Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 30. during the year, mark reports $90,000 of activ

30. During the year, Mark reports $90,000 of active business income from his law practice....

90.2K

Verified Solution

Question

Accounting

30. During the year, Mark reports $90,000 of active business income from his law practice. He also owns two passive activities. From Activity A, he earns $20,000 of income. and from Activity B, he incurs a $30,000 loss. As a result, Mark reports AGI of

a. $80,000

b. $90,000 with a $10,000 loss carryopver

c. $90,000 with a $30,000 carryover

d. $110,000 with a $30,000 carryover

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Ackerman Co. has 10 percent coupon bonds on the market with nine years left to maturity....

Basic Math
1.2K views

A developer wants to know if the houses in two different neighborhoods were built at roughly...

Physics
1.2K views

of mass M is in vertical position and that is able to move up or...

Geometry
1.2K views

1 Graph 2 3 4 in three dimensions Be sure to show the path to...

Geometry
1.2K views

Find the area The figure is not drawn to scale 6 5 yd O 15...

Statistics
1.2K views

Identify the margin of error for the confidence interval A recent poll reported a 95...

Calculus
1.2K views

14 If sin A sin B 3 and angles A and B are acute angles...

Algebra
1.2K views

A dairy needs 306 gallons of milk containing 5 butterfat How many gallons each of...

Accounting
1.2K views

I just want to know Projected income for the downtown option is $ ...

Accounting
1.2K views

Gary owns a tax preparation business. Which is a sign that his client data may...

Accounting
1.2K views

understanding costs, what are advantages and disadvantages of break-even analysis in themanagerial decision making?

Accounting
1.2K views

A Manufacturer purchases a sealing machine for 500,000. If its estimated scrap value is 54,994.35,...