To calculate Santiago's AGI for the current year, we need to sum up his earnings from his practice and the net income/loss from his passive activities.
Earnings from Santiago's practice: $177,500
Net income/loss from passive activities:
- Partnership A: $50,000 (income)
- Partnership B: -$10,000 (loss)
- Partnership C: -$6,000 (loss)
Total net income/loss from passive activities: $50,000 - $10,000 - $6,000 = $34,000
Therefore, Santiago's AGI for the current year is: $177,500 + $34,000 = $211,500
However, none of the provided answer choices match the calculated AGI. Therefore, none of the multiple-choice options is correct.
Santiago is a CPA and earns $177,500 from his practice in the current year. He also has aूn ownership interest in three passive activities. Assume he is sufficiently at risk in each of the three partnerships. In the current tax year, the activities had the following income and losses: What is Santiago's AGI for the current year? What is Santiago's AGI for the current year? Multiple Choice $177,500 $171,500 $225,750 $159,300
1 answer
1 answer