Teri Frazier owned three businesses and rental properties in 2018. During the year, her hair salon business
Question:
Teri Frazier owned three businesses and rental properties in 2018. During the year, her hair salon business experienced a \(\$ 32,000\) net loss. She participated 200 hours in the hair salon business. All of the salon's employees worked more than 600 hours for 2018 . Her second business was a coin-operated laundry. She did not participate over 100 hours in the laundry operation. It had a net loss of \(\$ 14,500\). The third business was a flower shop, which had net income of \(\$ 45,000\) for 2018 . She participated well over 1,000 hours in the flower shop business. None of the activities was located within one-half mile of each other. She also received dividends of \(\$ 12,000\) from her IBM stock, and interest of \(\$ 14,000\) from her AT\&T bonds. In addition, Frazier had a net loss of \(\$ 18,000\) from her real estate rentals (where she was an active participant). Compute her adjusted gross income.
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To compute Teri Fraziers adjusted gross income AGI we need to consider the income and losses from he...View the full answer
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