Problem 7-35 (LO, 2,8) Abby, a single taxpayer, purchased 10,000 shares of $1244 stock several years ago at a cost of $20 per share. In November of the current year, Abby recelved an offer to sel the stock for $12 per share. She has the option of either selling all of the stock now or selling half of the stock now and half of the stock in January of next year. Abby will receive a salary of $80,000 Abby will have long-term capital gains of $8,000 for the current yea If ADby's goal is to minimize her AGI for the two years, determine whether she should sell all of her stock this year or half of her stock this year and haif next year. a. Determint ABby's total AGI under both options for the current year and next year. Sell half of the stock this year and half next year: Current year's AGI Salary Ordinary loss Long-term capital gain Less: Equals: Adjusted gross income Next year's AGI Salary Long-term capital gain Less: Adjusted gross income Total AGI Current year Next year Total Print ltem $8,000 $90,000 $10,000 b. Which option will result in the best overall tax consequence for Abby? h. Which option will result in the best overall tax consequence for Abby