Question:34 For the current year, Susan had a salary income of $20,000. In addition, she reported the following capital transactions during the year: Table 1-54 Long-term capital gain $ 7,000 Short-term capital gain $3,000 Long-term capital loss -$2,000 Short-term capital loss -$5,000 There were no other items includable in her gross income. What is the amount of her adjusted gross income for the current year? a. $25,000 b. $24,000 c. $23,000 d. $19,000 e. None of these choices are correct.
Question:34 For the current year, Susan had a salary income of $20,000. In addition, she reported the following capital transactions during the year: Table 1-54 Long-term capital gain $ 7,000 Short-term capital gain $3,000 Long-term capital loss -$2,000 Short-term capital loss -$5,000 There were no other items includable in her gross income. What is the amount of her adjusted gross income for the current year? a. $25,000 b. $24,000 c. $23,000 d. $19,000 e. None of these choices are correct.
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 58P
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Transcribed Image Text:Question:34
For the current year, Susan had a salary income of $20,000. In addition,
she reported the following capital transactions during the year:
Table 1-54
Long-term capital gain
$ 7,000
Short-term capital gain
$3,000
Long-term capital loss
-$2,000
Short-term capital loss
-$5,000
There were no other items includable in her gross income. What is the
amount of her adjusted gross income for the current year?
a. $25,000
b. $24,000
c. $23,000
d. $19,000
e. None of these choices are correct.
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