Mike,single,age 31,had the following items for 2015: Salary $50,000 Nonbusiness bad debt (6,000) Casualties-independent events Asset A (personal use property held for two years)-gain 3,000 Securities (stolen)-loss (8,000) Dividends 2,000 Interest expense on personal residence 10,000 Compute Mike's taxable income for 2015.

Question

Mike,single,age 31,had the following items for 2015: Salary $50,000 Nonbusiness bad debt (6,000) Casualties-independent events Asset A (personal use property held for two years)-gain 3,000 Securities (stolen)-loss (8,000) Dividends 2,000 Interest expense on personal residence 10,000 ​ Compute Mike's taxable income for 2015.

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The Answer of Mike,single,age 31,had the following items for 2015: Salary $50,000 Nonbusiness bad debt (6,000) Casualties-independent events Asset A (personal use property held for two years)-gain 3,000 Securities (stolen)-loss (8,000) Dividends 2,000 Interest expense on personal residence 10,000 ​ Compute Mike's taxable income for 2015.

Mike,single,age 31,had the Following Items for 2015: Salary $50,000 Nonbusiness