Jose, single, had the following items for 2018: $\begin{array}{lr}
\text { Salary } & \$ 44,000 \
\S 1244 \text { loss on stock acquired } 3 \text { years ago } & (70,000) \
\S 1244 \text { gain on stock acquired } 10 \text { months ago } & 26,000 \
\text { Worthless security purchased in June of last year } & (4,000) \
\text { Nonbusiness bad debt } & (7,000) \
\text { Interest income } & 8,000\
\text { Compute Jose's adjusted gross income for } 2018
\end{array}$

Question

Jose, single, had the following items for 2018: $\begin{array}{lr}
\text { Salary } & \$ 44,000 \
\S 1244 \text { loss on stock acquired } 3 \text { years ago } & (70,000) \
\S 1244 \text { gain on stock acquired } 10 \text { months ago } & 26,000 \
\text { Worthless security purchased in June of last year } & (4,000) \
\text { Nonbusiness bad debt } & (7,000) \
\text { Interest income } & 8,000\
\text { Compute Jose's adjusted gross income for } 2018 
\end{array}$

Quizplus · Accepted Answer

The Answer of Jose, single, had the following items for 2018: $\begin{array}{lr}
\text { Salary } & \$ 44,000 \
\S 1244 \text { loss on stock acquired } 3 \text { years ago } & (70,000) \
\S 1244 \text { gain on stock acquired } 10 \text { months ago } & 26,000 \
\text { Worthless security purchased in June of last year } & (4,000) \
\text { Nonbusiness bad debt } & (7,000) \
\text { Interest income } & 8,000\
\text { Compute Jose's adjusted gross income for } 2018 
\end{array}$

Jose, Single, Had the Following Items for 2018