Mike, single, age 31, reports the following items for 2019: $\begin{array}{lr}
\text { Salary } & \$ 50,000 \
\text { Nonbusiness bad debt } & (6,000)\
\text { Casualty }\
\text { Asset A (personal use property held for two years) —gain } & 3,000 \
\text { Dividends } & 2,000 \
\text { Interest expense on personal residence } & 10,000
\end{array}$

$\text { Compute Mike's taxable income for } 2019 .$

Question

Mike, single, age 31, reports the following items for 2019: $\begin{array}{lr}
\text { Salary } & \$ 50,000 \
\text { Nonbusiness bad debt } & (6,000)\
\text { Casualty }\ 
\text { Asset A (personal use property held for two years) —gain } & 3,000 \
\text { Dividends } & 2,000 \
\text { Interest expense on personal residence } & 10,000
\end{array}$

$\text { Compute Mike's taxable income for } 2019 .$

Quizplus · Accepted Answer

The Answer of Mike, single, age 31, reports the following items for 2019: $\begin{array}{lr}
\text { Salary } & \$ 50,000 \
\text { Nonbusiness bad debt } & (6,000)\
\text { Casualty }\ 
\text { Asset A (personal use property held for two years) —gain } & 3,000 \
\text { Dividends } & 2,000 \
\text { Interest expense on personal residence } & 10,000
\end{array}$

$\text { Compute Mike's taxable income for } 2019 .$

Mike, Single, Age 31, Reports the Following Items for 2019