Jose,single,had the following items for 2014:
Salary $44,000
§ 1244 loss on stock acquired 3 years ago (70,000)
§ 1244 gain on stock acquired 10 months ago 26,000
Worthless security purchased in June of last year (4,000)
Nonbusiness bad debt (7,000)
Interest income 8,000
Compute Jose's adjusted gross income for 2014.
Correct Answer:
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Ordinary loss from § 1244...
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