1. Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their 2021 income tax facts are: 

Theresa’s wages	$65,000
Oliver’s wages	33,000
Long-term capital gain	56,000
Long-term capital loss?	(51,000)

What is their AGI for 2021?

2. Carol had the following transactions during 2021: a painting held for two years and sold at a gain of $125,000; 100 shares of Gray stock held sixteen months and sold for a loss of $8,000; 50 shares of Yellow stock held 18 months and sold for a loss of $146,000. Carol also had $264,000 of taxable income from other sources than these property transactions. What is Carol’s AGI for 2021?

Answer rating: 100% (QA)

Answer Step by Step Explanation Step 1 Adjusted Gross Income Adju... View the full answer