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Jed, age 55, is married with no children. During 2022, Jed had the following income and expense items: Three years ago, Jed loaned a
Jed, age 55, is married with no children. During 2022, Jed had the following income and expense items: Three years ago, Jed loaned a friend $10,000 to help him purchase a new car. In June of the current year, Jed learned that his friend had been declared bankrupt and had left the country. There is no possibility that Jed will ever collect any of the $10,000. In April 2020, Jed purchased some stock for $5,000. In March 2022, the company was declared bankrupt and Jed was notified that his shares of stock were worthless. Several years ago Jed purchased some 1244 stock for $120,000. This year he sold the stock for $30,000. In July of this year, Jed sold some land that he had held for two years for $60,000. He had originally paid $42,000 for the land. Jed received $40,000 of interest income from State of Minnesota bonds. In September, Jed's home was damaged by an earthquake; Jed's county was declared a Federal disaster area by the President. Jed's basis in his home was
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