Asked Mar 3, 2020

Jonathan, a physician, earns $200,000 from his practice. He also receives $18,000 in dividends and interest on various portfolio investments. During the year, he pays $45,000 to acquire a 20% interest in a partnership that produces a $300,000 loss. Compute Jonathan’s AGL assuming that: a. He does not participate in the operations of the partnership. b. He is a material participat in the operations of the partnership.


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