Jana reports the following income and loss: Activities A,B,and C are all passive activities.
Based on this information,Jana will recognize
A)adjusted gross income of $80,000.
B)salary of $120,000 and deductible net losses of $40,000.
C)salary of $120,000,passive income of $60,000,and passive loss carryovers of $100,000.
D)salary of $120,000 and net passive losses of $40,000 that will be carried over.

Question

Jana reports the following income and loss:  Activities A,B,and C are all passive activities.
Based on this information,Jana will recognize
A)adjusted gross income of $80,000. 
B)salary of $120,000 and deductible net losses of $40,000. 
C)salary of $120,000,passive income of $60,000,and passive loss carryovers of $100,000. 
D)salary of $120,000 and net passive losses of $40,000 that will be carried over.

Quizplus · Accepted Answer

The Answer of Jana reports the following income and loss:  Activities A,B,and C are all passive activities.
Based on this information,Jana will recognize
A)adjusted gross income of $80,000. 
B)salary of $120,000 and deductible net losses of $40,000. 
C)salary of $120,000,passive income of $60,000,and passive loss carryovers of $100,000. 
D)salary of $120,000 and net passive losses of $40,000 that will be carried over.

Jana Reports the Following Income and Loss: Activities A,B,and