During 2013, Gary receives a $50,000 salary and has no deductions for AGI. In 2012, Gary had

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During 2013, Gary receives a $50,000 salary and has no deductions for AGI. In 2012, Gary had a $5,000 STCL and no other capital losses or capital gains. Consider the following sales and determine Gary's AGI for 2013.
• An automobile purchased in 2008 for $10,800 and held for personal use is sold for $7,000.
• On April 10, 2013, stock held for investment is sold for $21,000. The stock was acquired on November 20, 2012, for $9,300.
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Federal Taxation 2014 Comprehensive

ISBN: 9780133438598

27th Edition

Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson

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