In the current year

Clay

reports income and losses from the following activities:

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(Click the icon to view the data.)Activities X, Y, and Z are all passive with respect to

Clay.

Activity Z has

$40,000

in passive losses which are carried over from the prior year. In the current year

Clay

sells activity Z for a taxable gain of

$30,000.

Read the requirements

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.Requirement a. What is the amount of loss that

Clay

may deduct and what is the amount that must be carried over in the current year? (Enter a "0" for amounts with a zero balance.)

Loss deductible in current year
Amount carried over to next year

Requirement b. Based solely on the amounts above, compute

Clay's

AGI for the current year.

Clay's AGI for the current year is

.

Enter any number in the edit fields and then continue to the next question.

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Data Table

Activity X	$28,000
Activity Y	(10,000)
Activity Z	(20,000)
Salary	100,000