1) During the year, Mike 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. What is the amount of income and/or loss that Mike reports during the current year? Are there any other consequences resulting from the above information? 2) Joyce has the following income and loss items during the year: Salary Income from activity A Loss from activity B Loss from activity C $ 120,000 60,000 ( 35,000 (55,000 Activities A, B, and C are all passive activities. Based on this information, what is Joyce's reported income, deductible losses and suspended losses for EACH ACTIVITY? 3) Gavin owned one passive activity, Gavin sold the activity and realized a $2,000 gain on the sale. Prior to the sale, he realized a current year loss from the activity of $6,000. In addition, he has suspended losses from prior years of $7,000. What is the net impact on Gavin's AGI this year due to the passive activity? 4) Alice reports the following income and loss in the current year. Salary Income from activity A Loss from activity B Loss from activity C $ 60,000 18,000 (9,000) (13,000 All three activities are passive activities with respect to Alice. Alice also has $21,000 of suspended losses attributable to activity C carried over from prior years. During the year, Alice sells activity C and realizes a $15,000 taxable gain. What is Alice's AGI as a result of these transactions