Question
Mary Marks had the following transactions or involuntary conversions during 2020: -Her diamond gemstones costing $4,000.00 in 2012 were sold for $5,000.00. -Her office building
Mary Marks had the following transactions or involuntary conversions during 2020:
-Her diamond gemstones costing $4,000.00 in 2012 were sold for $5,000.00.
-Her office building owned for four years was damaged by fire. The loss after insurance recovery was $12,000.00.
-Equipment purchased in 2013 for $18,000.00 with a basis at the time of the sale of $6,000.00 was sold for $11,000.00 on January 1, 2020.
-An apartment building purchased on January 1, 1986 for $300,000.00 was sold for $124,000.00 on January 21, 2020. Mary took straight line depreciation of $200,000.00.
-Land used in her business for four years was condemned by the state. The award was $60,000.00. Cost of the land was $74,000.00. No replacement of the property was made.
-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.
-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.
What is Marys taxable income for 2020?
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