During 2022, Gary, who is single, receives a $90,000 salary and has no deductions for AGI. In 2021, Gary had a $5,000 STCL and no other capital losses or capital gains. Consider the following sales and determine Gary’s AGI for 2022.
• An automobile purchased in 2017 for $20,500 and held for personal use is sold for $7,000.
• On April 10, 2022, stock held for investment is sold for $21,000. The stock was acquired on November 20, 2021, for $9,300.