Maria,who is single,had the following items for 2016:
Salary
$80,000
Loss on sale of § 1244 small business stock acquired 3 years ago
(60,000)
Stock acquired 2 years ago became worthless during the year
(5,000)
Long-term capital gain
25,000
Nonbusiness bad debt
(15,000)
Casualty loss on property held 6 months
(6,000)
Casualty gain on property held 4 years
4,000
Determine Maria's adjusted gross income for 2016.
Correct Answer:
Verified
$80,000
Ordinary loss from § 12...
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