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(ii) During 2021, JC sold his personal car for $2,500. He had purchased the car in 2017 for $6,000. In March 2021, he sold 500

(ii) During 2021, JC sold his personal car for $2,500. He had purchased the car in 2017 for $6,000. In March 2021, he sold 500 shares of stocks for $10,000. he acquired the stock in December 2012 for $22,000. On January 11, 2021, he gave his nephew a truck that had been used solely in his business. The truck cost $9,000 in 2018. Depreciation totaling $6,500 had been previously deducted on the truck at the time of of the gift. JC paid the following personal expenses in 2021

Food

.................

$3,000.00

Real Estate Taxes on Home

.................

$2,500.00

Repairs of Home

.................

$300.00

Utilities

.................

$900.00

Personal Auto Expenses

.................

$1,800.00

Vacations

.................

$1,100.00

Department Store Purchases

.................

$1,700.00

Interest on Home Mortage

.................

$2,000.00

Charitable Contributions

.................

$500.00

Life Insurance Premiums

.................

$1,500.00

Medical Bills

.................

$600.00

Entertainment

.................

$900.00

Other

.................

$300.00

Total

$17,100.00

(ii) For 2021, JC reported adjusted gross income of $19,000. The balances in his bank accounts were $1,500 at the end of 2020 and $18,900 at the end of 2021. If JC correctly reported his income for 2021, what would be his net worth computations - Use the correct net worth schedule?

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