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. What is Diane's AGI after considering the foregoing items? Explain in full and show any computations.

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions
Section: Chapter Questions
Problem 18DQ
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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. What is Diane's AGI after considering the foregoing items? Explain in full and show any computations. 

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