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Mr. Vernon owns stock in two S corporations, Able Corporation and Benson Incorporated This year, Mr. Vernon had the following income and loss items. Salary $ 74,000 Business income from Able $ 20,000 Business loss from Benson $ (33,000) If Vernon materially participates in Able's business but not in Benson's business, compute his AGI.

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abiolataiwo2015

Based on the information given Mr. Vernon  AGI is $94,000.

Using this formula

Adjusted gross income(AGI)=Salary+ Business income from Able

Where:

Salary=$74,000

Business income from Able =$20,000

Let plug in the formula

Adjusted gross income(AGI)=$74,000+$20,000

Adjusted gross income(AGI)=$94,000

Inconclusion Mr. Vernon  AGI is $94,000.

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