Ask Question
BusinessBusiness
13 May, 09:35

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

+2
Answers (1)
  1. 13 May, 11:06
    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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A firm has a ROE of 14 percent and a debt-to-equity ratio of 40 percent. If the total asset turnover is 3.4, what is the firm's profit margin?
Answers (1)
Which of the following amounts would be included on the right side of a balance sheet? A. the amount of money owed to the company by customers who have not yet paid for goods and services they have received B.
Answers (1)
When you buy a car with a bank loan who owns that car? Why?
Answers (1)
Which of the following groups of employees is not covered by social security insurance? select one: a. self-employed persons b. clergy c. most military personnel d. railroad workers?
Answers (1)
Suppose a city block was going to be used for a parking lot in both new york city and a small town. the opportunity cost would be
Answers (1)
New Questions in Business
The underlying principle found in almost all codes of ethics established by professional organizations or corporations is
Answers (1)
g in nov the us unemployment rate was 8.7% the census bureau includes nine states i the northwest region assume the random variable of the interest is the number of thenrthwest states with an unemployment
Answers (1)
The number of days' sales in receivables A. is an estimate of the length of time the receivables have been outstandingB. measures the number of times the receivables turn over each yearC. is Net Credit Sales divided by Average ReceivablesD.
Answers (1)
George offers to sell Penelope a ring that George found in his yard. He and Penelope look at the ring and decide that they are not sure what it is, probably just a shiny stone. Penelope pays George $10 for the ring.
Answers (1)
Percentage analyses, ratios, turnovers, and other measures of financial position and operating results are select one: a. a substitute for sound judgment. b. useful analytical measures. c.
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?