Question
Little Red-Haired Girl reports the following income and loss in the current year. Salary $50,250 Income from Activity A 13,500 Loss from Activity B (9,750)
Little Red-Haired Girl reports the following income and loss in the current year. Salary $50,250 Income from Activity A 13,500 Loss from Activity B (9,750) Loss from Activity C (2,975) All three activities are passive activities with respect to Little Red-Haired Girl. Little Red-Haired Girl also has $16,400 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 $10,350 taxable gain. What is Little Red-Haired Girls AGI as a result of these transactions?
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