Question: During the current year, Irene, a married individual who files a joint return, reports the following items of income and loss: Salary .. $130,000 Activity

During the current year, Irene, a married individual who files a joint return, reports the following items of income and loss:
Salary ………………………………………………………….. $130,000
Activity X (passive) ……………………………………………. 10,000
Activity Y (rental real estate, nontrade or business) …………… (30,000)
Activity Z (rental real estate, nontrade or business) …………… (20,000)
Irene actively participates in activities Y and Z and owns 100% of both Y and Z.
a. What is Irene’s AGI for the year?
b. What is the amount of suspended losses (if any) that may be carried over with respect to each activity?

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