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Mike, single, reports the following items for the current year: Salary $ 44,000 Loss on sale of $ 1244 stock acquired 3 yrs ago 70,000

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Mike, single, reports the following items for the current year: Salary $ 44,000 Loss on sale of $ 1244 stock acquired 3 yrs ago 70,000 Gain on sale of 1244 stock acquired 10 mo. ago 26,000 Worthless security purchased June of last year 4,000 Nonbusiness bad debt 7,000 Interest income 8,000 Mike's AGI for the current year

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