Mike,single,age 31,had the following items for 2014:
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 2014.

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The Answer of Mike,single,age 31,had the following items for 2014:
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 2014.

Mike,single,age 31,had the Following Items for 2014