Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their 2021 income tax factsare: Theresa’s wages $65,000 Oliver’s wages 33,000 Long-term capital gain 56,000 Long-term capital loss? (51,000) What is their AGI for 2021? Carol had the following transactions during 2021: a painting held for two years and sold at a gain of $125,000; 100 shares of Gray stock held sixteen months and sold for a loss of $8,000; 50 shares of Yellow stock held 18 months and sold for a loss of $146,000. Carol also had $264,000 of taxable income from other sources than these property transactions. What is Carol’s AGI for 2021?
Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their 2021 income tax factsare: Theresa’s wages $65,000 Oliver’s wages 33,000 Long-term capital gain 56,000 Long-term capital loss? (51,000) What is their AGI for 2021? Carol had the following transactions during 2021: a painting held for two years and sold at a gain of $125,000; 100 shares of Gray stock held sixteen months and sold for a loss of $8,000; 50 shares of Yellow stock held 18 months and sold for a loss of $146,000. Carol also had $264,000 of taxable income from other sources than these property transactions. What is Carol’s AGI for 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their 2021 income tax factsare:
Theresa’s wages
$65,000
Oliver’s wages
33,000
Long-term capital gain
56,000
Long-term capital loss?
(51,000)
What is their AGI for 2021?
Carol had the following transactions during 2021: a painting held for two years and sold at a gain of $125,000; 100 shares of Gray stock held sixteen months and sold for a loss of $8,000; 50 shares of Yellow stock held 18 months and sold for a loss of $146,000. Carol also had $264,000 of taxable income from other sources than these property transactions. What is Carol’s AGI for 2021?
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