Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A married couple files a joint tax return and recognizes a $15,000 net short-term capital loss and a $9,000 net long-term capital gain during the

A married couple files a joint tax return and recognizes a $15,000 net short-term capital loss and a $9,000 net long-term capital gain during the year. If the couple's only other item of income or deduction is the husband's $82,500 of wages and $2,000 of municipal bond interest, their AGI is:

A. $84,500

B. $81,500 (This was marked incorrect when i submitted)

C. $81,500 (yes, i am aware of the duplicate number, this is how it shows)

D. 79,500 (Edit: This is the correct answer!)

E. None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What was the positive value of Max Weber's model of "bureaucracy?"

Answered: 1 week ago