5. Professor X had the following for the current year: Active income Portfolio income Passive income (not related to rental real estate activity) Income (Loss) $10,000 $9,000 ($15,000) Determine the taxable income for the current year. A. $19,000 B. $0 C. $10,000 D. ($15,000) E. $4,000 6. Dr. Osborn purchased a parcel of land three years ago for $30,000. In the current year, Aunt May sues him, claiming that part of Osborn's property belongs to him. Osborn pays $20,000 in legal fees successfully defending against the lawsuit. He pays annual property taxes of $6,000 on land and has paid $9,000 in interest on the loan he took out to acquire the property. Determine Osborn's adjusted basis in land. A. $45,000 B. $15,000 C. $50,000 D. $65,000 E. $56,000 5. Professor X had the following for the current year: Active income Portfolio income Passive income (not related to rental real estate activity) Income (Loss) $10,000 $9,000 ($15,000) Determine the taxable income for the current year. A. $19,000 B. $0 C. $10,000 D. ($15,000) E. $4,000 6. Dr. Osborn purchased a parcel of land three years ago for $30,000. In the current year, Aunt May sues him, claiming that part of Osborn's property belongs to him. Osborn pays $20,000 in legal fees successfully defending against the lawsuit. He pays annual property taxes of $6,000 on land and has paid $9,000 in interest on the loan he took out to acquire the property. Determine Osborn's adjusted basis in land. A. $45,000 B. $15,000 C. $50,000 D. $65,000 E. $56,000