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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

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  1. 21 July, 02:29
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    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.
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