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Salvatore, an investor-broker, earns $195,000 from his practice in the current year. He receives $35,000 in dividends and interest during the year. In addition, he

Salvatore, an investor-broker, earns $195,000 from his practice in the current year. He receives $35,000 in dividends and interest during the year. In addition, he incurs a loss of $18,000 from an investment in a passive activity acquired three years ago. After considering the passive investment, Salvatore's net income for the current year is $

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