In 2022, Jessie had Box 1 wages of $87,000, interest income from a bank account of $4,500, a state income tax refund of $1,000, and inherited stock, which her mother had purchased in 2000 for $25,000, and was worth $75,000 at the date of her mother's death on July 1, 2022. She immediately sold the stock for $75,000. Assume she had no other income, and no adjustments to gross income. Assume she did not itemize for her federal income tax return in 2021. What is her Adjusted Gross Income in 2022?

In 2022, Jessie had Box 1 wages of $87,000, interest income from a bank account of $4,500, a state income tax refund of $1,000, and inherited stock, which her mother had purchased in 2000 for $25,000, and was worth $75,000 at the date of her mother's death on July 1, 2022. She immediately sold the stock for $75,000. Assume she had no other income, and no adjustments to gross income. Assume she did not itemize for her federal income tax return in 2021. What is her Adjusted Gross Income in 2022?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 70P

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