LO.5 Phil and Susan are married, filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2012. Phil does not work due to a disability, but he is a buyer and seller of stocks on the Internet. He generally buys and holds for longterm gain, but occasionally gets in and out of a stock quickly. The couple’s 2012 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.

What is Phil and Susan’s AGI?

Item Date Acquired Date Sold Cost Sales Price Blue stock 11/10/11 03/12/12 $ 3,000 $ 6,000 Puce stock 12/13/10 05/23/12 36,000 32,000 Beige stock 12/14/07 07/14/12 13,000 14,500 Red stock 06/29/11 05/18/12 26,000 27,000 Black stock 05/15/11 10/18/12 67,000 67,800 Gray stock 04/23/10 10/18/12 89,000 88,200