Nancy reports the following income and loss in the current year. All three activities are passive activities with respect to Nancy.Nancy also has $21,000 of suspended losses attributable to activity C carried over from prior years.During the year,Nancy sells activity C and realizes a $15,000 taxable gain.What is Nancy's AGI as a result of these transactions?
A)$50,000
B)$55,000
C)$64,000
D)$71,000

Question

Nancy reports the following income and loss in the current year.  All three activities are passive activities with respect to Nancy.Nancy also has $21,000 of suspended losses attributable to activity C carried over from prior years.During the year,Nancy sells activity C and realizes a $15,000 taxable gain.What is Nancy's AGI as a result of these transactions?
A)$50,000 
B)$55,000 
C)$64,000 
D)$71,000

Quizplus · Accepted Answer

The Answer of Nancy reports the following income and loss in the current year.  All three activities are passive activities with respect to Nancy.Nancy also has $21,000 of suspended losses attributable to activity C carried over from prior years.During the year,Nancy sells activity C and realizes a $15,000 taxable gain.What is Nancy's AGI as a result of these transactions?
A)$50,000 
B)$55,000 
C)$64,000 
D)$71,000

Nancy Reports the Following Income and Loss in the Current