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10. In 2020, Carl Cox has gambling winnings of 7,000 and gambling losses of $11,000. Assuming that Carl will use the standard deduction, how will
10. In 2020, Carl Cox has gambling winnings of 7,000 and gambling losses of $11,000. Assuming that Carl will use the standard deduction, how will he report the gambling activity on his 2020 federal Income tax return? A. Gross income of $7,000; zero deduction B. Gross income of $7,000; $11,000 deduction for AGI C. Net loss of $4,000, zero itemized deduction D. Gross income of $7,000; $4,000 deduction for AGI E None of the above
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