Question
Sandy and Denny are married with three dependent children ages 18, 19, and 20, and own and operate a store, selling masonry materials, although Denny
- Sandy and Denny are married with three dependent children ages 18, 19, and 20, and own and operate a store, selling masonry materials, although Denny also works part time as an employee at another store selling lumber. The records for the masonry stores current year 2019, revealed the following:
Gross income from sales for the store $ 276,600
Long-term capital gains
(from the sale of land) 7,900
Store operating expenses
Insurance (not health) 39,290
Rent 89,300
Supplies (nonmanufacturing) 35,500
Depreciation (ditto) 48,200
Wages and Payroll taxes 119,200
Also loss from theft of a business car (only business use) purchased originally for $ 40,200, depreciation of $ 12,500 taken so far, but which is now worth $ 34,800, Insurance proceeds from the theft were only $ 11,200.
Other items not related to the masonry business include
Dividend income from Apple Inc., stock 9,500
Interest expense on home mortgage 39,800
Property taxes on home 15,300
Long-term capital gain 7,950
Long-term capital loss 5,600
Dennys Salary (from the other job) 49,100
Sandy and Dennys AGI, taxable income or loss, and net operating loss for the year 2019 are?
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