Bob, age 40 and not blind, filing head of household with 2 dependents, had the f

Question

Bob, age 40 and not blind, filing head of household with 2 dependents, had the following items for 2017:

Salary

$80,250

Casualty loss on long-term business property

(2,400)

Loss on sale of § 1244 small business stock acquired 3 years ago

(50,150)

Long-term capital gain on sale of investment

13,800

Short-term capital gain on sale of investment

900

Stock acquired 2 years ago became worthless during the year

(6,000)

Loss on non-business bad debt that has been held for 5 years

(7,250)

Determine adjusted gross income for 2017.

Salary

$80,250

Casualty loss on long-term business property

(2,400)

Loss on sale of § 1244 small business stock acquired 3 years ago

(50,150)

Long-term capital gain on sale of investment

13,800

Short-term capital gain on sale of investment

900

Stock acquired 2 years ago became worthless during the year

(6,000)

Loss on non-business bad debt that has been held for 5 years

(7,250)

Explanation / Answer

Answer

Adjusted Gross Income:

Particulars Amount Salary 80250 Casualty loss on long-term business property - Loss on sale of § 1244 small business stock acquired 3 years ago (50150) Long-term capital gain on sale of investment 13800 Short-term capital gain on sale of investment 900 Stock acquired 2 years ago became worthless during the year - Loss on non-business bad debt that has been held for 5 years (7250) Adjusted Gross Income 37550

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