Mike, single, age 31, had the following items for 2014:

$\begin{array}{lr}
\text { Salary } & \$ 50,000 \
\text { Nonbusiness bad debt } & (6,000) \
\text { Casualties —indenendent events }\
\text { Asset A (personal use property held for two years) — gain } & 3,000 \
\text { Securities (stolen) -loss } & (8,000 )\
\text { Dividends } & 2,000 \
\text { nterest expense on personal residence } & 10,000 \
\text { Compute Mike's taxable income for } 2014 &
\end{array}$

Question

Mike, single, age 31, had the following items for 2014:

$\begin{array}{lr}
\text { Salary } & \$ 50,000 \
\text { Nonbusiness bad debt } & (6,000) \
\text { Casualties —indenendent events }\
\text { Asset A (personal use property held for two years) — gain } & 3,000 \
\text { Securities (stolen) -loss } & (8,000 )\
\text { Dividends } & 2,000 \
\text { nterest expense on personal residence } & 10,000 \
\text { Compute Mike's taxable income for } 2014 &
\end{array}$

Quizplus · Accepted Answer

The Answer of Mike, single, age 31, had the following items for 2014:

$\begin{array}{lr}
\text { Salary } & \$ 50,000 \
\text { Nonbusiness bad debt } & (6,000) \
\text { Casualties —indenendent events }\
\text { Asset A (personal use property held for two years) — gain } & 3,000 \
\text { Securities (stolen) -loss } & (8,000 )\
\text { Dividends } & 2,000 \
\text { nterest expense on personal residence } & 10,000 \
\text { Compute Mike's taxable income for } 2014 &
\end{array}$

Mike, Single, Age 31, Had the Following Items for 2014