Judy and Larry Are Married and Their Combined Salaries for the Current

question 76

Multiple Choice

Judy and Larry are married and their combined salaries for the current year are $115,000.They actively participate in the rental of two houses.For the current year they have the following losses:
$$\begin{array} { l r } & \text { Income } / ( \text { Loss } ) \\\text { Limited Partnership A } & \$ ( 5,000 ) \\\text { Limited Partnership B } & 8,000 \\\text { Rental house X } & ( 5,000 ) \\\text { Rental house Y } & ( 2,000 ) \end{array}$$
What is Judy and Larry's adjusted gross income?

• A)$108,000
• B)$111,000
• C)$114,000
• D)$115,000
• E)$118,000

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