Jana reports the following income and loss:Salary$ 120,000 Income from activity A60,000 Loss from activity B(30,000)Loss from activity C(70,000)Activities A, B, and C are all passive activities.Based on this information, Jana will recognize
A. salary of $120,000 and deductible net losses of $40,000.
B. adjusted gross income of $80,000.
C. salary of $120,000 and net passive losses of $40,000 that will be carried over.
D. salary of $120,000, passive income of $60,000, and passive loss carryovers of $100,000.
Answer: C
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