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