Lori Had the Following Income and Losses During the Current

question 102

Multiple Choice

Lori had the following income and losses during the current year: What is Lori's adjusted gross income (not taxable income) ?

• A)$72,000
• B)$79,000
• C)$82,000
• D)$84,000

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Definitions:

General Partner

A type of owner in a partnership who has unlimited liability and is actively involved in the management of the business.

Entrepreneur

An individual who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Entrepreneurs

Individuals who create, launch, and manage new businesses, often taking on considerable risk in the expectation of profit.

Bankruptcy

A legal process involving a person or business that is unable to repay outstanding debts, resulting in the distribution of assets to creditors.