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Mr. Kelly owns stock in VP and in BL, both of which are corporations. This year, he had the following income and loss items: Salary

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Mr. Kelly owns stock in VP and in BL, both of which are corporations. This year, he had the following income and loss items: Salary $ 62,770 Business income from VP 19,450 Business loss from BL (25,490) Required: Compute Mr. Kelly's AGI under each of the following assumptions: a. He materially participates in VP's business but not in BL's business b. He materially participates in BL's business but not in VP's business. c. He materially participates in both corporate businesses. d. He does not materially participate in either corporate business. Amount a. AGI b. AGI CAGI d. AGI

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