During the Year,Mark Reports $90,000 of Active Business Income from His

question 19

Multiple Choice

During the year,Mark reports $90,000 of active business income from his law practice.He also owns two passive activities.From Activity A,he earns $20,000 of income,and from Activity B,he incurs a $30,000 loss.As a result,Mark

• A)reports AGI of $80,000.
• B)reports AGI of $90,000 with a $10,000 passive loss carryover.
• C)reports AGI of $90,000 with a $30,000 passive loss carryover.
• D)reports AGI of $110,000 with a $30,000 passive loss carryover.

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Definitions:

Public Agency

A government organization that provides services to the public, often within a specific governmental sector or field.

Local Tax Revenues

Money collected by local governments through various forms of taxation, used to fund public services and infrastructure.

Federal Tax Revenues

Income collected by the government through the imposition of taxes on individuals and businesses at the national level.

State Tax Revenues

The income collected by state governments from taxes, which can include sales taxes, income taxes, and other forms of taxation.