1 John smith earned $95, 000 in wages, has $15,000 dividend income in 2020. He also incurred passive loss of $15, 000 in 2020.

His AGI for 2020 is

a 95,000 b 110,000 c 95,000 d None of the above

2 Charlie invested $65,000 in a Plumbing Business in 2019. The Plumbing Business generated loss of $30,000 in 2019.. He invested $20,000 again in Plumbing Business in 2020. The Plumbing Business generated loss of $120,000 in 2020. How much loss can he deduct in 2020.

Charlie's interest is not passive a 120,000 b 55,000 c 35,000 d None of the above

3 John conducts resaerch activities in his business. He incurred the following research expenses In-house wages 80,000 Payment to outside contractors 60,000

John's quailfied research expenditures are: a 140,000 b 80,000 c 119,000 d None of the above