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.

$27,000

$38,000

$42,000

$47,000

Answer rating: 100% (QA)

Calculations Salary 80000 1244 ordinary loss 50000 ... View the full answer