Question: Please help me ! Nancy is married and file a joint tax return with her husband Steven. For tax year ending December 31, 2019 they

Please help me !

Nancy is married and file a joint tax return with her husband Steven. For tax year ending December 31, 2019 they reported the following items: Salary $ 195,000 1244 loss on stock acquired 3 years ago $ 115,000 1244 gain on stock acquired 10 months ago $ 9,000 Short-term capital loss purchased last year $ 14,000 Personal loan to friend that became uneollectible due to friend's untimely death $ 12,000 Interest income $ 8,000 Stock Dividend (FM-V on date of Dividend} $ 25,000 a. Compute Nancy and Steve's adjusted gross income for 2019. b. Explain the reason for excluding any item from adjusted gross income. Joseph, single and age 29, reports the following items for 2019: Salary $ 75,000 Casualty loss on business property $ 4,000 Casualty loss on rental property $ 10,000 Federal disaster area personal casualty gains $ 6,000 Federal disaster area personal casualty losses (after $100 oor) $ 22,000 Interest expense and taxes on personal residence $ 11,700 Determine Joseph's {1} AG] and (2) the casualty loss deduction from AGI for 2019, assuming oor of 10%

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