Mike,single,age 31,had the following items for 2016:
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 2016.

Question

Mike,single,age 31,had the following items for 2016:
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 2016.

Quizplus · Accepted Answer

The Answer of Mike,single,age 31,had the following items for 2016:
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 2016.

Mike,single,age 31,had the Following Items for 2016