Pat is a CPA. In the current year, he spent 1,300 hours working in his accounting practice and earned a net income of $300,000. He also spent 1,250 hours materially participating in various real estate projects. His net loss from these projects was $60,000. Pat also has recreational gambling losses of $10,000 and gambling income of $7,000 for the current year. Ignoring self-employment taxes, what is Pat's adjusted gross income (AGI) for the year?

Pat is a CPA. In the current year, he spent 1,300 hours working in his accounting practice and earned a net income of $300,000. He also spent 1,250 hours materially participating in various real estate projects. His net loss from these projects was $60,000. Pat also has recreational gambling losses of $10,000 and gambling income of $7,000 for the current year. Ignoring self-employment taxes, what is Pat's adjusted gross income (AGI) for the year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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