A single taxpayer, Damien, had the salary of $88,000, loss of $76,000 on the sale of 1244 stock acquired four years earlier, and worthless stock
A single taxpayer, Damien, had the salary of $88,000, loss of $76,000 on the sale of 1244 stock acquired four years earlier, and worthless stock of $11,000. The stock was acquired on February 1 of the prior year and became worthless on March 1st of the current year. Calculate Damiens AGI for the current year.
A. $27,000
B. $35,000
C. $42,000
D. $47,000
I know the correct answer is B 35000, but I don't know how to calculate it.
Please help!
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Authors: Eddie McLaney, Dr Peter Atrill, Eddie J. Mclan
5th Edition
0273733206, 978-0273733201
