Question
Mary Marks had the following transactions during 2020: -Her diamond gemstones costing $4,000.00 in 2012 were sold for $5,000.00. -An apartment building purchased on January
Mary Marks had the following transactions during 2020:
-Her diamond gemstones costing $4,000.00 in 2012 were sold for $5,000.00.
-An apartment building purchased on January 1, 1986 for $300,000.00 was sold for $124,000.00 on January 21, 2019. Mary took straight line depreciation of $200,000.00.
-200 shares of Carter Corporation stock were sold for $19,000.00 on August 25, 2020. The stock was originally purchased in 2013 for $15,000.00.
what is mary's taxable income for 2020?
-100 shares of Dalton Corporation stock were sold for $8,000.00 on July 23, 2020. The stock was originally purchased on February 10, 2018 for $2,000.00.
Mary, single and age 39 with no dependents has adjusted gross income of $76,000.00 and itemized deductions of $15,000.00 without considering the above items
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