Several years ago Billy Johnson, who lives at 800 W Main St., Whitewater, WI 53190, acquired an apartment building that currently generates a loss of $60,000. Billys AGI is $130,000 before considering the loss. The apartment building is in an exclusive part of the city, so it gets commands high rental rates from professional tenants. Billy is an active participant. Complete a letter to Billy explaining what effect the loss will have on his AGI. Make up a company for your letterhead and a title for yourself. You may explain anything you think appropriate, but please cover the following: The amount of his deduction, if any, from the apartment loss. His AGI after subtracting the loss. The rule(s) that apply If he cannot deduct the entire $60,000 loss, what happens to the un-deducted loss. Please submit your letter via Canvas.