Question
James, a NYC resident, had wages of $105,000.00 in 2016 and $112,500.00 in 2017. In 2016 he had interest income from a savings account of
James, a NYC resident, had wages of $105,000.00 in 2016 and $112,500.00 in 2017. In 2016 he had interest income from a savings account of $975.00, interest income from the City of New York Mac Bonds of $1,200.00, and dividend income of $600.00. Additionally, on October 15, 2016, James sold 1,000 shares of JP Morgan stock for $7,850. The stock had an adjusted basis of $16,500.00, which he purchased on June 15, 2015. On March 15, 2017, James sold Citibank Stock for $7,500, which had an adjusted basis of $5,200. James had no other income 2016 or 2017.
What is James AGI for 2016? ____________________
What is James AGI for 2017? ____________________
Please show work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started