Tax HW

 

During the current year, Irene, a married individual who files a joint return, reports the following items of income and loss:

 

 

             
Item Amount
Salary  $130,000
Activity X (passive)      10,000
Activity Y (rental real estate, nontrade or business)     (30,000)
Activity Z (rental real estate, nontrade or business)     (20,000)
             
Irene actively participates in activities Y and Z and owns 100% of both Y and Z.
             
Required:          
a. What is Irene’s AGI for the year?
             
             
             
             
             
b. What is the amount of suspended losses (if any) that may be carried over with respect to each activity?