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

question 23

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.

---

Definitions:

Institutions

Organizations or establishments founded for a specific purpose, often societal, such as educational, religious, or financial entities.

Frail Elderly

Older adults who are in a weakened physical condition, often leading to increased vulnerability to health complications and dependence on others.

Dementia

Dementia is a general term for a decline in mental ability severe enough to interfere with daily life, characterized by deterioration in memory, thinking, behavior, and the ability to perform everyday activities.

Caregiver

An individual who provides assistance or support to a family member, friend, or client with physical, psychological, or developmental needs.