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John and Shirley Duo are married taxpayers who are planning to file MFJ for 2020. They have the following items of income for 2020. Please
John and Shirley Duo are married taxpayers who are planning to file MFJ for 2020. They have the following items of income for 2020. Please indicate what amount, if any, should be included in AGI for 2020 for each potential income item:
- John and Shirley sold 500 shares of Junky Stock for $2,000. They purchased the 500 shares three years ago for $7,000. What amount, if any, should be included in AGI (for the current year) as a result of this transaction?
Group of answer choices
$0
<$3,000>
<$5,000>
<$7,000>
$2,000
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