Question
Mable and Jack file a joint return. For the current year, they had the following items: Salaries $120,000 loss on sale of section 1244 stock
Mable and Jack file a joint return. For the current year, they had the following items: Salaries $120,000 loss on sale of section 1244 stock acquired two years ago $105,000 gain on sale of section 1244 stock acquired six months ago $20,000 non-business bad debt $19,000. Fill in the following to their AGI for the current year:
Salaries:
Loss on sale of section 1244 stock aquired two years ago:
Allowable Loss:
Remaining Loss:
Gain on sale of section 1244 stock aquired 6 months ago:
Nonbusiness bad debt:
Total potential gain (loss)
Net Capital allowable:
AGI:
Carry Loss Carryover:
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