Pat is a CPA. In the current year, he spent 1,300 hours working in his accounting practice and earned a net income of $300,000. He also spent 1,250 hours materially participating in various real estate projects. His net loss from these projects was $60,000. Pat also has recreational gambling losses of $10,000 and gambling income of $7,000 for the current year. Ignoring self-employment taxes, what is Pat's adjusted gross income (AGI) for the year?
Pat is a CPA. In the current year, he spent 1,300 hours working in his accounting practice and earned a net income of $300,000. He also spent 1,250 hours materially participating in various real estate projects. His net loss from these projects was $60,000. Pat also has recreational gambling losses of $10,000 and gambling income of $7,000 for the current year. Ignoring self-employment taxes, what is Pat's adjusted gross income (AGI) for the year?
Chapter11: Invest Or Losses
Section: Chapter Questions
Problem 39P
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Transcribed Image Text:Pat is a CPA. In the current year, he spent 1,300 hours working in his accounting practice and earned a net income of $300,000. He also spent 1,250 hours materially
participating in various real estate projects. His net loss from these projects was $60,000. Pat also has recreational gambling losses of $10,000 and gambling income of
$7,000 for the current year. Ignoring self-employment taxes, what is Pat's adjusted gross income (AGI) for the year?
$247,000
$307,000
$240,000
$237,000
$297,000
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