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Maggie reports the following items for last year: Salary Short-term capital gain Nonbusiness bad debt Long term capital gain 75,000 10,000 (25,000) 6,000 For the
Maggie reports the following items for last year: Salary Short-term capital gain Nonbusiness bad debt Long term capital gain 75,000 10,000 (25,000) 6,000 For the current year, Maggie reports the following items: Salary Collection of last year's bad debt 78,000 25,000 Casualty loss on business property Casualty loss on rental property (9,000) (4,000) Federal disaster area personal casualty gain Federal disaster personal casualty losses (after $100 floor) 15,000 (12,000) Mortgage Interest Expense on personal residence Property taxes on personal residence Sales tax State Income tax 6,000 3,000 2,200 2,700 Determine Maggie's taxable income for 2020. Show all your work
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