During 2014, Gary receives a $50,000 salary and has no deductions for AGI. In 2013, Gary had

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During 2014, Gary receives a $50,000 salary and has no deductions for AGI. In 2013, Gary had a $5,000 STCL and no other capital losses or capital gains. Consider the following sales and determine Gary's AGI for 2014.
• An automobile purchased in 2009 for $10,800 and held for personal use is sold for $7,000.
• On April 10, 2014, stock held for investment is sold for $21,000. The stock was acquired on November 20, 2013, for $9,300?
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Federal Taxation 2015 Comprehensive

ISBN: 9780133807783

28th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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