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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
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
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