LO.1, 2, 7 Soong, single and age 32, had the following items for the tax year 2012:

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LO.1, 2, 7 Soong, single and age 32, had the following items for the tax year 2012:

• Salary of $30,000.

• Interest income from U.S. government bonds of $2,000.

• Dividends from a foreign corporation of $500.

• Sale of small business § 1244 stock on October 20, 2012, for $20,000. The stock had been acquired two years earlier for $65,000.

• Business bad debt of $4,000.

• Nonbusiness bad debt of $5,000.

• Sale of small business § 1244 stock on November 12, 2012, for $4,000. The stock had been acquired on June 5, 2012, for $800.

• Sale of preferred stock on December 4, 2012, for $40,000. The stock was acquired four years ago for $18,000.

• Total itemized deductions of $25,000 (no casualty or theft).

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