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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 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:.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 bad debt                                                            (7,000)

Interest income                                                                       8,000

Compute Jose’s adjusted gross income:.

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