5 B 3 Ray acquired an activity several years ago, and in the current year, it generated a loss of $30,000 .Ray has a AGI of $120,000 before considering the loss from the activity. If the activity is bakery and he does not materially participate, what is what is his AGI. 0 120,000 loss not deductible -1 3(b)Same as 3 except it is a rental property. 32 AGI 120,000 33 Phase amount 100,000 34 Excess 20,000 35 divide by 2 10,000 36 Maximum loss deductible 25,000 37 Lost deduction due to income over 100,000 10,000 38 Deductible Loss 25000-10000 15,000 39 AGI 105,000 40 Sheet1