Exercise $16-16($Algorithmic$)($LO$.4)$

Shen purchased corporate stock for $$57,250$ on April $10,2021.$ On July $14,2023,$ when the stock was worth $$34,350,$ Shen died and his son, Mijo, inherited the stock. Mijo sold the stock for $$40,075$ on November $12,2023.$

What is the amount and character of Mijo's gain or loss?$($assume the amount is fully deductible$)3,600$Contribution to United Church$2,500$Loss on the sale of real estate $($held for investment$)1,950$Medical expenses$6,000$State income tax$2,550$Federal income tax$3,200$

Daniel's standard deduction for $2023$ is $$13,850.$

Question Content Area

a$.$Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible".