Question
During 2016, Gary receives a $50,000 salary and has no deductions for AGI. In 2015, Gary had a $5,000 STCL and no other capital losses
During 2016, Gary receives a $50,000 salary and has no deductions for AGI. In 2015, Gary had a $5,000 STCL and no other capital losses or capital gains. Consider the following sales and determine Gary's AGI for 2016.
* An automoblie purchased in 2011 for $10,800 and held for personal use is sold for $7,000.
*On April 10, 2016, stock held for investment is sold for $21,000. The stock was acquired on Nov. 20, 2015, for $9,300.
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Authors: Tom Litton, Poppy Behrens, Erica Shatzer, George Bernal
1st Edition
0977157814, 978-0977157815
