Question
Nell, single and age 38, had the following income and expense items in 2019: Nonbusiness bad debt $6,000 Business bad debt 2,000 Nonbusiness long-term capital
Nell, single and age 38, had the following income and expense items in 2019: Nonbusiness bad debt $6,000 Business bad debt 2,000 Nonbusiness long-term capital gain 4,000 Nonbusiness short-term capital loss 3,000 Salary 50,000 Interest income 3,000 Personal casualty gain on an asset held for four months 10,000 Personal casualty loss on an asset held for two years 1,000 Assume all casualty losses are after the application of the $100-per-event floor. Determine Nell's AGI for 2019. (Hint: What happens to the character of personal casualty gains and losses when gains exceed losses?) Salary $ Interest income Business bad debt Net short-term capital gain Net long-term capital gain $ Adjusted gross income $
What is the net short term capital gain? and total AGI?
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