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

question 8

Multiple Choice

Joy reports the following income and loss: Activities A,B,and C are all passive activities.
Based on this information,Joy has

• A)adjusted gross income of $90,000.
• B)salary of $120,000 and deductible net losses of $30,000.
• 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.

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Definitions:

Deontological

Pertaining to an ethical theory that suggests the morality of an action should be based on whether the action itself is right or wrong under a series of rules, rather than based on the consequences of the action.

Utilitarian

Pertaining to the ethical theory that the best action is the one that maximizes utility, generally defined as that which produces the greatest well-being of the greatest number of people.

Amoral

Lacking a moral sense; unconcerned with the rightness or wrongness of something.

Autonomous

Having the freedom to act independently, making decisions and actions based on one's own authority and principles.