4. Greg and Mary Brady, married filing joint, had the following items for 2023: Salaries Casualty...
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4. Greg and Mary Brady, married filing joint, had the following items for 2023: Salaries Casualty loss on long-term business property Loss on sale of $1244 small business stock acquired 6 years ago Stock acquired 4 years ago became worthless during the year Loss on non-business bad debt that has been held for 8 years Long-term capital gain on sale of investment Interest income from Wells Fargo money market account $196,500 (12,400) (112,500) (4,500) (7,300) 18,250 7,500 a. List any ordinary income and ordinary deduction items and their dollar amounts. b. List any short-term capital gains and capital losses items and their dollar amounts. c. List any long-term capital gains and capital losses items and their dollar amounts. d. Determine Greg and Mary's adjusted gross income for 2023. 4. Greg and Mary Brady, married filing joint, had the following items for 2023: Salaries Casualty loss on long-term business property Loss on sale of $1244 small business stock acquired 6 years ago Stock acquired 4 years ago became worthless during the year Loss on non-business bad debt that has been held for 8 years Long-term capital gain on sale of investment Interest income from Wells Fargo money market account $196,500 (12,400) (112,500) (4,500) (7,300) 18,250 7,500 a. List any ordinary income and ordinary deduction items and their dollar amounts. b. List any short-term capital gains and capital losses items and their dollar amounts. c. List any long-term capital gains and capital losses items and their dollar amounts. d. Determine Greg and Mary's adjusted gross income for 2023.
Expert Answer:
Related Book For
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
Posted Date:
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