1. Diane sold the following items during the current year: Item Holding Period Gain/ (Loss) XYZ Stock Held For Investment 3 years $ (6,000) Car Used For Business 11 months $ 2,000 Car Used For Personal Purposes 4 years $ (5,000) Inventory Sales 2 months $ 10,000 Before considering the above, Diane had adjusted gross income of $50,000. 
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3. What is Diane's AGI after considering the foregoing items? Explain in full and show any computations.

Answer rating: 100% (QA)

D iane s AG I after considering the foregoing items is 51 000 The gain lo... View the full answer