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Question - During the current year, Ellie, a married individual who files a joint return, reports the following items of income and loss:
Data table
Salary $138,000
Activity X (passive) 18,000
Activity Y (rental real estate, nontrade or business) (36,000)
Activity Z (rental real estate, nontrade or business) (12,000)
Ellie actively participates in activities Y and Z and owns 100% of both Y and Z.
Required -
a. What is Ellie's AGI for the year?
b. What is the amount of suspended losses (if any) that may be carried over with respect to each activity?
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