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Question 5 During the year jack sold the following assets: Automobile for a $1,000 loss, Stock investment for a $3,000 loss, and his personal boat

Question 5

During the year jack sold the following assets: Automobile for a $1,000 loss, Stock investment for a $3,000 loss, and his personal boat for a $500 loss?

How much of these losses may jack claim?

Question 6

George a cash basis taxpayer, received the following amounts this year:

Interest on savings accounts $2,000

Interest on State Tax refund 600

Interest on City of Salem school bonds 300

Federal tax refund 800

Dividends on USG common stock 200

Verizon phone rebate 150

Repayment on loan 500

What is George's Income?

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