In 2019, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len:

a.Adjusted gross income
b.Standard deduction
c.Taxable income
d.Tax liability
e.Explain the tax treatment of the loss from the stock sale

Question

In 2019, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len:
​
a.Adjusted gross income
b.Standard deduction
c.Taxable income
d.Tax liability
e.Explain the tax treatment of the loss from the stock sale
​

Quizplus · Accepted Answer

The Answer of In 2019, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len:
​
a.Adjusted gross income
b.Standard deduction
c.Taxable income
d.Tax liability
e.Explain the tax treatment of the loss from the stock sale
​

In 2019, Len Has a Salary of $40,700 from His