Question: Charlie is married and files a joint return. He reports the following items of income and loss for the year: Salary .................. $ 120,000 Activity

Charlie is married and files a joint return. He reports the following items of income and loss for the year:
Salary .................. $ 120,000
Activity A (passive) ............. 13,000
Activity B (nonbusiness rental real estate).... ( 45,000)
If Charlie actively participates in the management of Activity B, what is his AGI for the year and what is the passive loss carryover to next year?

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