John files a return as a single taxpayer. In 2019, he had the following items: Salary of $30,000. Loss of $65,000 on the sale of Section 1244 stock acquired two years ago. Interest income of $6,000. In 2020, John again files a return as a single taxpayer and had the following items: Salary of $114,000 Loss of $55,000 on the sale of Section 1244 stock acquired three years ago. Capital gain of $22,000 on the sale of publicly traded stock purchased one year ag Determine John's AGI for 2019 and 2020 (assume these are the only transactions, no other carryovers etc...) a. $0 and $50,000 b. $0 and $52,000 c. $6,000 and $64,00 d. $36,000 and $64,000 e. None of a through d is correct
John files a return as a single taxpayer. In 2019, he had the following items: Salary of $30,000. Loss of $65,000 on the sale of Section 1244 stock acquired two years ago. Interest income of $6,000. In 2020, John again files a return as a single taxpayer and had the following items: Salary of $114,000 Loss of $55,000 on the sale of Section 1244 stock acquired three years ago. Capital gain of $22,000 on the sale of publicly traded stock purchased one year ag Determine John's AGI for 2019 and 2020 (assume these are the only transactions, no other carryovers etc...) a. $0 and $50,000 b. $0 and $52,000 c. $6,000 and $64,00 d. $36,000 and $64,000 e. None of a through d is correct
Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions
Section: Chapter Questions
Problem 19DQ
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Transcribed Image Text:John files a return as a single taxpayer. In 2019, he had the following items:
Salary of $30,000.
Loss of $65,000 on the sale of Section 1244 stock acquired two years ago.
Interest income of $6,000.
In 2020, John again files a return as a single taxpayer and had the following items:
Salary of $114,000
Loss of $55,000 on the sale of Section 1244 stock acquired three years ago.
Capital gain of $22,000 on the sale of publicly traded stock purchased one year ag
Determine John's AGI for 2019 and 2020 (assume these are the only transactions, no other carryovers etc...)
a. $0 and $50,000
b. $0 and $52,000
c. $6,000 and $64,00
d. $36,000 and $64,000
e. None of a through d is correct
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