Ross is a surgeon at a local hospital in Denver. In 2020, Ross earns a salary of $300,000. In addition, Ross has investment income of $10,000. Ross also has the following business activities below: · Active Income from Activity A: $30,000 · Passive Income from Activity B: $20,000 · Passive Loss from Activity C: (60,000) Ross has sufficient at-risk amounts for any loss. What is Ross’s 2020 Adjusted Gross Income (AGI)? Group of answer choices $300,000. $310,000. $340,000. $360,000.

Ross is a surgeon at a local hospital in Denver. In 2020, Ross earns a salary of $300,000. In addition, Ross has investment income of $10,000. Ross also has the following business activities below: · Active Income from Activity A: $30,000 · Passive Income from Activity B: $20,000 · Passive Loss from Activity C: (60,000) Ross has sufficient at-risk amounts for any loss. What is Ross’s 2020 Adjusted Gross Income (AGI)? Group of answer choices $300,000. $310,000. $340,000. $360,000.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 38P

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During 2021 Jean underwent the following transactions: $100,000 for pain and suffering and $20,000 in punitive damages related to a workplace injury she suffered in 2020. Received 12 payments from an annuity in the amount of $3,000 a month for a total of $36,000. She originally purchased the annuity contract for $200,000 and began receiving payments when she turned 60 years old. • Won a car with a fair market value of $30,000. Required: How much did Jean's 2021 gross income increase as a result of the above transactions?
During 2021 Jean underwent the following transactions: $100,000 for pain and suffering and $20,000 in punitive damages related to a workplace injury she suffered in 2020. Received 12 payments from an annuity in the amount of $3,000 a month for a total of $36,000. She originally purchased the annuity contract for $200,000 and began receiving payments when she turned 60 years old. Won a car with a fair market value of $30,000. Required: How much did Jean’s 2021 gross income increase as a result of the above transactions?
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