Question - Alice is an attorney and earned $175,000 from her practice in the current year. Alice also owns three passive activities. The activities had the following income and losses:
Partnership a: $40,000
Partnership b: $(32,000)
Partnership c $(24,000)
What is Alice's adjusted gross income for the current year?
a) $119,000
b) $159,000
c) $175,000
d) $215,000