George, a self-employed CPA, earns $150,000 from his accounting practice in the current year. He also receives $30,000 in dividends and interest during the year. In addition, he incurs a loss of $50,000 from an investment in a passive activity. What is Georges AGI for the current year after considering the passive investment?

a.

$140,000

b.

$90,000

c.

$180,000

d.

$130,000

1. In 2019, Brad invested $20,000 in a general partnership which is not considered a passive activity. If his share of the partnership losses is $15,000 in 2019 and $10,000 in 2020, how much can he deduct in each year?

   		2019 - 15,000 2020 - 10,000
   		2019 - 0 2020 - 0
   		2019 - 15,000 2020 - 0
   		2019 - 15,000 2020 - 5,000
   		2019 - 20,000 2020 - 0