1. Bruce, who is single, had the following items for the current year: Salary of $80,000....

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1. 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. a. $27,000 b. $38,000 c. $42,000 d. $47,000 Here's the best way to solve it. Expert-verified Calculations: Salary 1244 ordinary loss 80,000 (50,000) 20,000 Long-term capital gain Long-term capital loss Excess 1244 loss (75,000-50,000) 25,000 Worthless security 15,000 (40,000) Net long-term capital loss (3,000) Adjusted Gross Income 27,000 [ 1. 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. a. $27,000 b. $38,000 c. $42,000 d. $47,000 Here's the best way to solve it. Expert-verified Calculations: Salary 1244 ordinary loss 80,000 (50,000) 20,000 Long-term capital gain Long-term capital loss Excess 1244 loss (75,000-50,000) 25,000 Worthless security 15,000 (40,000) Net long-term capital loss (3,000) Adjusted Gross Income 27,000 [