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Bruce, who is single, had the following items for the current year:

Salary of $80,000.
Gain of $20,000 on the sale of § 1244 stock acquired two years earlier.
Loss of $75,000 on the sale of § 1244 stock acquired three years earlier.
Worthless stock of $15,000. The stock was acquired on February 1 of the prior year and became worthless on January 15 of the current year.

Determine Bruce's AGI for the current year

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947214

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