For the current year, Susan had salary income of $20,000 In addition she reported the following capital transactions during the year Long term capital gain $ 7,000 Short term capital gain 3,000 Long term capital loss (2,000) Short term capital loss (5,000) There were no other items includable in he...

To calculate Susans adjusted gross income AGI we start with her tot ...

For the current year, Susan had salary income of $20,000. In addition she reported the following capital

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For the current year, Susan had salary income of $20,000. In addition she reported the following capital transactions during the year:

Long-term capital gain	$ 7,000
Short-term capital gain	3,000
Long-term capital loss	(2,000)
Short-term capital loss	(5,000)

There were no other items includable in her gross income. What is the amount of her adjusted gross income for the current year?

a.$25,000

b.$19,000

c.$24,000

d.$23,000

e. None of these choices are correct.

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Dec 06, 2023 05:13 AM

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For the current year, Susan had salary income of $20,000. In addition she reported the following capital

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Income Tax Fundamentals 2013

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