16) Alice is an attorney and earned $175,000 from her practice in the current year. Alice also owns three passive activities. The activities had the following income and losses: Partnership A Partnership B Partnership C $ 40,000 $(32,000) $(24,000) What is Alice's adjusted gross income for the current year? A) $159,000. B) $119,000. C) $215,000. D) $175,000.
16) Alice is an attorney and earned $175,000 from her practice in the current year. Alice also owns three passive activities. The activities had the following income and losses: Partnership A Partnership B Partnership C $ 40,000 $(32,000) $(24,000) What is Alice's adjusted gross income for the current year? A) $159,000. B) $119,000. C) $215,000. D) $175,000.
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 34P
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Transcribed Image Text:16) Alice is an attorney and earned $175,000 from her practice in the current year. Alice also
owns three passive activities. The activities had the following income and losses:
Partnership A
Partnership B
Partnership C
$ 40,000
$ (32,000)
$(24,000)
What is Alice's adjusted gross income for the current year?
A) $159,000.
B) $119,000.
C) $215,000.
D) $175,000.
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