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24. Nell carns $50,000 salary income in the current year. In addition, Nell sells a passive activity with an adjusted basis of $45,000 for $155,000

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24. Nell carns $50,000 salary income in the current year. In addition, Nell sells a passive activity with an adjusted basis of $45,000 for $155,000 in the current year. Suspended losses attributable to this property total $45,000. Nell owns another separate passive activity which has $10,000 passive loss for the current year and $80,000 suspended passive losses from prior years. Nell will report the following on her current year income tax return (as a result of just these transactions): a. $550,000 salary income and an additional $110,000 from the sale of the passive activity b. $25,000 salary income and SO additional taxable income (because all S110,000 gain from the sale of the passive activity offset by losses and an additional $25,000 of passive loss is available to deduct against the salary income c. $50,000 salary income and S0 additional taxable income (because all S110,000 gain from the sale of the passive activity is ofset by losses). d. 550.000 salary income and an additional $65.000 gain from the sale of the passive activity c. None of -d is correct

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