Akiko, a single taxpayer, incurred higher than expected expenses in her active business in 2023. In addition, the economy moved into a mild recession, so her revenues were lower than in last year. Her deductible expenses totaled $2,400,000, and her taxable revenues totaled only $2,000,000. She materially participates in this business, but she also receives $320,000 in interest on a portfolio of long-term bonds. Akiko predicts that her business will break even next year and that her interest income will not change. What will be Akiko's adjusted gross income in 2023 and 20247 In 2023, Akiko's AGI is s and in 2024, Akiko's AGI is $
Akiko, a single taxpayer, incurred higher than expected expenses in her active business in 2023. In addition, the economy moved into a mild recession, so her revenues were lower than in last year. Her deductible expenses totaled $2,400,000, and her taxable revenues totaled only $2,000,000. She materially participates in this business, but she also receives $320,000 in interest on a portfolio of long-term bonds. Akiko predicts that her business will break even next year and that her interest income will not change. What will be Akiko's adjusted gross income in 2023 and 20247 In 2023, Akiko's AGI is s and in 2024, Akiko's AGI is $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Problem 6-34 (LO. 11)
Akiko, a single taxpayer, incurred higher than expected expenses in her active business in 2023. In addition, the economy moved into a
mild recession, so her revenues were lower than in last year. Her deductible expenses totaled $2,400,000, and her taxable revenues totaled
only $2,000,000. She materially participates in this business, but she also receives $320,000 in interest on a portfolio of long-term bonds.
Akiko predicts that her business will break even next year and that her interest income will not change. What will be Akiko's adjusted gross
Income in 2023 and 20247
In 2023, Akiko's AGI is s
and in 2024, Akiko's AGI is s
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