Question 13 (1 point) Thomas has a salary of $350,000 for the year of 2021. His portfolio also generates an income of $23,000 from trading stocks for investment purposes. During the year, Thomas paid $55,000 to purchase a general partnership in Tay Associates with a 25% interest. Tay operates a retail store and has no debt yet produces a $280,000 loss. Knowing Thomas is a material participant in the operation of the partnership, what is his AGI in 2021? $93,000 $318,000 $373,000 $303,000 $350,000 Question 14 (1 point) Roger, a high fashion designer owns 40% of Fashion Town Inc. In 2021, Fashion Town Inc. has a taxable income of $500,000 and incurs the following expenses: prepaid rent for 24 months (Sept 1, 2021) $30,000, utilities expense $21,000, wages expense $105,000, payroll taxes $55,000, a Democratic Convention contribution $50,000. Fashion Town also has a $90,000 charitable contribution carryover from 2015 and incurred investigation expenses of $20,000 to purchase a tech business, but in the end, he did not acquire the business. What can Fashion Town's Inc. claim as deductions