Question
Little Red-Haired Girl reports the following income and loss in the current year. Salary $62,350 Income from Activity A 14,500 Loss from Activity B (9,000)
Little Red-Haired Girl reports the following income and loss in the current year.
Salary $62,350
Income from Activity A 14,500
Loss from Activity B (9,000)
Loss from Activity C (6,000)
All three activities are passive activities with respect to Little Red-Haired Girl. Little Red-Haired Girl also has $21,000 of suspended losses attributable to activity C carried over from prior years. During the year, Little Red-Haired Girl sells activity C and realizes a $15,000 taxable gain. What is Little Red-Haired Girls AGI as a result of these transactions?
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