Juanita, single and age 43, reports the following items for 2019: Salary $60,000 Interest income 6,000 Casualty loss on business property (15,000) Casualty loss on rental property (5,000) Loss on theft of securities (8,000) Personal casualty gains 9,000 Personal casualty loss (after $100 floor) (13,000) Other itemized deductions (9,000) Compute Juanita’s taxable income for 2019.

Juanita, single and age 43, reports the following items for 2019: Salary $60,000 Interest income 6,000 Casualty loss on business property (15,000) Casualty loss on rental property (5,000) Loss on theft of securities (8,000) Personal casualty gains 9,000 Personal casualty loss (after $100 floor) (13,000) Other itemized deductions (9,000) Compute Juanita’s taxable income for 2019.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 41P

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In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2019? $26,000 $27,000 $29,000 $32,000
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