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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
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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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? $247,000 $307,000 $240,000 $237,000 $297,000
Transcribed Image Text: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? $247,000 $307,000 $240,000 $237,000 $297,000
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