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40 . LO . 3 Ray acquired an activity several years ago and in the current year , it generates a loss of $50 000

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40 . LO . 3 Ray acquired an activity several years ago and in the current year , it generates a loss of $50 000 Ray has AG of $140 000 before considering the loss from the activity . If the activity is a bakery and Ray is not a material participant , what is his AGI

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