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Stan, a professor, earned a salary of $120,000 from State University in the current year. He received $25,000 in dividends and interest during the year.

Stan, a professor, earned a salary of $120,000 from State University in the current year. He received $25,000 in dividends and interest during the year. In addition, he incurred a loss of $40,000 from an investment in a passive activity. What is Stan's adjusted gross income for the current year?

a. $110,000.

b. $145,000.

c. $105,000.

d. None of the above.

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