Question
salary 80,000 - Gain of 20,000 on the sale of 1244 stock aquired two years earlier - BUSINESS BAD DEBT of 1,000 - Non-Business bad
salary 80,000
- Gain of 20,000 on the sale of 1244 stock aquired two years earlier
- BUSINESS BAD DEBT of 1,000
- Non-Business bad debt of 2,000
- Loss of 75,000 on the sale of 1244 stock aquired three years earlier
- Worthless stock of 15,000. the stock was aquired on febuary 1 of the prior year and became worthless on january 1 of the current year
Determine Bruce's AGI for the current year.
So far I took out $3000 (1000+2000) for the business bad debt and the short term capital loss of 2000 from non business
I am stuck from here on the worthless stock and the long term capital loss so 75000-20000= 55000 so 50000 is ordinary loss while 5000 is long term how do I go about these deductions?
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