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Mr. MM had the following items if income and loss during the year. Wages $40,000 No business bad debts $1,000 Gain or commodity features held

Mr. MM had the following items if income and loss during the year. Wages $40,000 No business bad debts $1,000 Gain or commodity features held for 16months. $2,000 Loss on stock held for 2 years $800 Flood damage on personal residence attributed to a federally declared disaster $4,500. Gain on stock held for 13months $5,000. Compute MMs taxable capital gains to be reported in MMs income tax return.

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