Question
Jean is single and has a Salary of $80,000. She also likes to knit sweaters and other article of clothing and sell them on ebay.
Jean is single and has a Salary of $80,000. She also likes to knit sweaters and other article of clothing and sell them on ebay. Her gross income from her sales was $3,000 and expenses of her venture were $2,500. She loaned a friend $5,000 two years ago and this year her friend paid her back $3,000 and told her that was all she would get. Jean also owned stock in a company that declared bankruptcy and her stock became worthless on June 15 of the current year. She had purchased the stock for $1,500 on December 12 of the previous year. Calculate Jeans taxable income for the year.
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