
Mr and Mrs Philips recognized the following capital gains and losses this year.
Short-term capital gain $ 10,000
Short-term capital loss $ (4,000 )
Long-term capital gain $ 45,000
Long-term capital loss $ (60,000 )
Their AGI before consideration of these gains and losses was $140,000. Compute their AGI.
A) $140,000
B) $131,000
C) $137,000
D) $143,000
Correct Answer:
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