During 2017, Gary receives a $50,000 salary and has no deductions for AGI. In 2016, Gary had
Question:
During 2017, Gary receives a $50,000 salary and has no deductions for AGI. In 2016, Gary had a $5,000 STCL and no other capital losses or capital gains. Consider the following sales and determine Gary’s AGI for 2017.
• An automobile purchased in 2012 for $10,800 and held for personal use is sold for $7,000.
• On April 10, 2017, stock held for investment is sold for $21,000. The stock was acquired on November 20, 2016, for $9,300.
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59700 The 3800 loss on the sale of the automob...View the full answer
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Related Book For 
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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