Ask Question
BusinessBusiness
21 July, 02:14

Seojun acquired an activity several years ago, and in the current year, it generates a loss of $50,000. Seojun has AGI of $140,000 before considering the loss from the activity. If the activity is a bakery and Seojun is not a material participant, what is his AGI

+1
Answers (1)
  1. 21 July, 02:29
    0
    Seojun's Adjusted Gross income is $140,000.

    Explanation: Adjusted Gross income (AGI) is a term used in Financial accounting to describe the total amount of gross income remaining after certain deductions have been made to the Gross income of a business entity over a given period of time.

    Since Seojun is not a Material participant, the $50,000 loss can not be considered in calculating Seojun's Adjusted Gross income.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Seojun acquired an activity several years ago, and in the current year, it generates a loss of $50,000. Seojun has AGI of $140,000 before ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Memorial Stadium has worked with the same advertising company for 10 years. According to the company's data the stadium has spent approximately $2.5 million on advertising over that period for 100 events.
Answers (1)
Fred Company paid $48,000 for a two-year insurance policy, ($2,000 per month), on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash.
Answers (1)
What was the purpose of congressional reconstruction?
Answers (1)
The Sullivan family made a bar chart to compare how much they spend on different costs each month ... Sullivan Family Monthly Budget If the family's net monthly income is $7,800, what percent of the income is spent on food, clothing, and housing?
Answers (2)
What type of tax are sales tax and excise tax? A. deferred tax B. direct tax C. exempt tax D. indirect tax E. investment tax
Answers (1)
New Questions in Business
True or False: The basic economic theory of supply and demand suggests that when price drops, consumers will buy more and thus generate stronger demand.
Answers (1)
If you think carefully about what you're doing, always ask for advice when you need it, and keep asking questions, starting a business can be
Answers (2)
16. What size paper should you use for a legal document? A. 3" x 5" B. 8/2" x 11" C. 872" x 14" D. 74" x 1072"
Answers (2)
Assume an economy where there are two producers: a wheat producer and a bread producer. In a given year, the wheat producer grows 30 million bushels of wheat of which 25 million bushels are sold to the bread producer at $3 per bushel, and 5 million
Answers (1)
A company is just getting started and needs new equipment, but does not have a large amount of cash. Since the company business will also require frequent updating of the equipment, it is better to
Answers (1)
Home » Business » Seojun acquired an activity several years ago, and in the current year, it generates a loss of $50,000. Seojun has AGI of $140,000 before considering the loss from the activity.
Sign Up Forgot Password?