Question: ____ 17. Sim, a computer lab manager, earns a salary of $80,000 and receives $25,000 in dividends and interest during the year. In addition, he

____ 17. Sim, a computer lab manager, earns a salary of $80,000 and receives $25,000 in dividends and interest during the year. In addition, he incurs a loss of $50,000 from an investment in a non-real estate passive activity and $13,000 in income from another passive activity. His at-risk amount in the activity at the beginning of the year is $55,000. What is Sims adjusted gross income for this year?

a.	$50,000.
b.	$85,000.
c.	$105,000.
d.	None of the above.

instructions : Choose the best multiple choice answer and explain why you chose the answer. MUST provide 2-3 sentence brief explanation and show all work. All sources must be noted.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

14. Jim, single, took out a mortgage on his home for $590,000 five years ago. In September of this year, when the home had a fair market value of $620,000 and he owed $550,000 on the mortgage, he...

Last year, Ted invested $100,000 for a 50% interest in a partnership in which he was a material participant. The partnership incurred a loss, and Teds share was $150,000. Which of the following...

I need help with these problems. Can you please explain with explanations? Joie owned stock in Ace Corp that she donated to a university (a qualified charitable organization) on September 10, 2019....

Stan, a computer lab manager, earns a salary of $70,000 and receives $10,000 in dividends and interest during the year. In addition, he incurs a loss of $30,000 from an investment in a passive...

Stan, a computer lab manager, earns a salary of $80,000 and receives $25,000 in dividends and interest during the year. In addition, he incurs a loss of $40,000 from an investment in a passive...

9.) Stan, a computer lab manager, earns a salary of $80,000 and receives $25,000 in dividends and interest during the year. in addition, he incurs a loss of $40,000 from an investment in a passive...

QUESTION 1 Money Corporation has the following income and expenses for the tax year: Gross profit on sales: $200,000 Expenses: 700,000 Dividends received from less-than-20%-owned domestic...

Any amount received or accrued by a taxpayer from an educational policy, which has been expended for providing education or training at a recognised educational institution of a child or stepchild is...

Hello I need help with my Project i asked and I tried but i did get any answer can you help me please to solve this problem Building Blocks of Accounting .. A Financial Perspective to the same screen...

A retailer wants to put items on sale and wants to know the impact on profit if the selling price of those items are reduced by 25%. To assist the retailer, provide a detailed example of CVP analysis...

1. Use the ASCII table and convert the following binary numbers to text. Then find the decimal and hexadecimal equivalent of the text that you have found. #1 01001000 01100101 01101100 01101100...

The strong - form EMH assumes that no group of investors has monopolistic access to information relevant to the formation of prices, which implies that no group of investors should be able to...

Develop 2-3 strategic initiatives that will leverage the Amazons key strengths to take advantage of an external opportunity and/or mitigate an external threat (i.e., SO strategy and ST strategy). You...

Discuss the legal issues involved with preferential treatment programs. page 128

List the major federal laws that require equal employment opportunity and the protections provided by each of these laws. page 103

Understand the different approaches to job design. page 167