John, a single taxpayer, is self-employed as a CPA in a 3-person firm in which...

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Accounting

John, a single taxpayer, is self-employed as a CPA in a 3-person firm in which he materially participates; each partner owns 13 of the firm and is allocated 13 of profits and losses. The firm has net income of $420,000 in 2024. During the year, each partner received a cash distribution of $120,000. In 2024, John sold some stock, and had a $4000 long term capital loss on the sale. His SE tax for the year is $19,780. What is his AGI for the year? (3 points)
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