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: 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