tax hw


During the current year, Irene, a married individual who files a joint return, reports the following items of income and loss:



Item Amount
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?


"Is this question part of your assignment? We can help"