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Compute adjusted gross income

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Question - Tara owns stock in two S corporations, MKP Corporation and REY Inc. This year, Tara had the following income and loss items.

Salary $113,700

Business income from MKP $42,000

Business loss from REY $(28,000)

If Tara materially participates in the business of both corporations, compute her Adjusted Gross Income (AGI).

a. $85,700

b. $113,700

c. $127,700

d. $155,700

e. None of the above.

Reference no: EM132568102

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