Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children Susan Hammond has wages of $34,000 in 2020. Phil does not work due to a disability, but he is a buyer and seller of stocks. He generally buys and hoids for long-term gain but occasionally gets in and out of a stock quickly. The couple's 2020 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends, Date Sold Cost Sales Price Date Item Acquired Blue stock (10 shares) 11/10/19 Purple stock (100 shares) 12/13/18 Belge stock (50 shares) 12/14/15 Red stock (100 shares) 06/29/19 Black stock (100 shares) 05/15/19 Gray stock (100 shares) 04/12/18 $6,000 32,000 03/12/20 05/23/20 07/14/20 05/18/20 $3,000 36,000 13,000 14,500 26,000 10/18/20 67,000 27,000 67,800 88,200 10/18/20 89,000 a. Determine the nature and amount of the gain or loss for each of the stock transactions Item Type of Gain or Loss Amount Blue stock Long-term capital gain Purple stock Beige stock Red stock Black stock Gray stock b. What is Phil and Susan's AGI? Phil and Susan have a net short-term capital of and a net long-term capital of $ . Consequently, there is an overall net I of Phil's and Susan's AG is