Sarah, married-filing jointly (MFJ) in 2021, reports the following items for the current year: Salary $150,000...
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Sarah, married-filing jointly (MFJ) in 2021, reports the following items for the current year: Salary $150,000 Loss on sale of §1244 stock acquired 6 months ago $40,000 Gain on sale of $1244 stock acquired 5 years ago $30,000 Loss on sale of stock acquired in exchange of services 2 years ago $110,000 Rent Income $5,000 What is Sarah's 2021 AGI and carryover capital loss, if applicable? AGI: $140,000; $0 carryover AGI: $35,000; $0 carryover AGI: $115,000; $80,000 carryover AGI: $145,000; $0 carryover AGI: $112,000; $77,000 carryover Sarah, married-filing jointly (MFJ) in 2021, reports the following items for the current year: Salary $150,000 Loss on sale of §1244 stock acquired 6 months ago $40,000 Gain on sale of $1244 stock acquired 5 years ago $30,000 Loss on sale of stock acquired in exchange of services 2 years ago $110,000 Rent Income $5,000 What is Sarah's 2021 AGI and carryover capital loss, if applicable? AGI: $140,000; $0 carryover AGI: $35,000; $0 carryover AGI: $115,000; $80,000 carryover AGI: $145,000; $0 carryover AGI: $112,000; $77,000 carryover
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THE CORRECT ANSWER IS AGI 115000 80000 carryover Explanation P... View the full answer
Related Book For
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781285438290
18th Edition
Authors: James Smith, William Raabe, David Maloney, James Young
Posted Date:
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