During 2016, Gary receives a $50,000 salary and has no deductions for AGI. In 2015, Gary had a $5,000 STCL and no other capital losses or capital gains. Consider the following sales and determine Gary’s AGI for 2016.
• An automobile purchased in 2011 for $10,800 and held for personal use is sold for $7,000.
• On April 10, 2016, stock held for investment is sold for $21,000. The stock was acquired on November 20, 2015, for $9,300.