Joy reports the following income and loss: 
Activities A, B, and C are all passive activities. Based on this information, Joy has
A) salary of $120,000 and deductible net losses of $30,000.
B) adjusted gross income of $90,000.
C) salary of $120,000 and net passive losses of $30,000 that will be carried over.
D) salary of $120,000, passive income of $60,000, and passive loss carryovers of $90,000.
Correct Answer:
Verified
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