Ember engaged in three activities during the year. First, she spent 680 hours during the year acting as a real estate broker and earned $46,000 in this business. Second, she spent 720 hours during the year teaching piano and earned $13,000 in this business. Third, she spent 120 hours during the year in connection with a rental property she owns. The only other person involved with the rental property is a property manager who spent 80 hours in connection with it. The rental property generated a net loss of $20,000. She had no "for AGI" deductions. What is Ember's adjusted gross income (AGI) for the year.

Ember engaged in three activities during the year. First, she spent 680 hours during the year acting as a real estate broker and earned $46,000 in this business. Second, she spent 720 hours during the year teaching piano and earned $13,000 in this business. Third, she spent 120 hours during the year in connection with a rental property she owns. The only other person involved with the rental property is a property manager who spent 80 hours in connection with it. The rental property generated a net loss of $20,000. She had no "for AGI" deductions. What is Ember's adjusted gross income (AGI) for the year.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 47P

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