Bruce, who is single, had the following items for the current year:

Salary of $80,000.

Gain of $20,000 on the sale of 1244 stock acquired two years earlier.

Loss of $75,000 on the sale of 1244 stock acquired three years earlier.

Worthless stock of $15,000. The stock was acquired on February 1 of the prior year and became worthless on January 15 of the current year.

Determine Bruce's AGI for the current year. a. $27,000 b. $38,000 c. $42,000 d. $47,000 e. None of these

Please include step by step explination.