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

Salary	$	62,560
Business income from VP		19,280
Business loss from BL		(25,240	)

Required: Compute Mr. Kellys AGI under each of the following assumptions:

1. He materially participates in VPs business but not in BLs business.
2. He materially participates in BLs business but not in VPs business.
3. He materially participates in both corporate businesses.
4. He does not materially participate in either corporate business.