Q.16. Jose, single, had the following items for the tax year : Salary $44,000 § 1244 loss on stock acquired 3 years ago (70,000) § 1244 gain on stock acquired 10 months ago 26,000 Worthless security purchased in June of last year (4,000) Nonbusiness bad debt (7,000) Interest income 8,000 Compute Jose’s adjusted gross income:.
Q.16. Jose, single, had the following items for the tax year : Salary $44,000 § 1244 loss on stock acquired 3 years ago (70,000) § 1244 gain on stock acquired 10 months ago 26,000 Worthless security purchased in June of last year (4,000) Nonbusiness bad debt (7,000) Interest income 8,000 Compute Jose’s adjusted gross income:.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 35P
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Q.16.
Jose, single, had the following items for the tax year :
Salary $44,000
§ 1244 loss on stock acquired 3 years ago (70,000)
§ 1244 gain on stock acquired 10 months ago 26,000
Worthless security purchased in June of last year (4,000)
Nonbusiness
Interest income 8,000
Compute Jose’s adjusted gross income:.
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