8. During 2015, George receives a $60,000 salary and has no deductions for AGI.

Question

8.       During 2015, George receives a $60,000 salary and has no deductions for AGI. In 2014, George had a $5,500

STCL available and no other capital losses or capital gains. Consider the following sales.

An automobile purchased in 2010 for $11,200 and held for personal use is sold for $9,000.

On April 10, 2015, stock held for investment is sold for $30,000. The stock was acquired on November 20, 2014, for $16,000

Requirement

Determine George's AGI for 2015. (Assume that the 2014 STCL of $5,500 is before George has taken any capital loss deduction in 2014. Complete all answer boxes. Enter a "0" for any zero-balances.)

2015

Salary                                                                   ?

Net short-term capital gain (loss)                        ?

Net long-term capital gain (loss)                        ?

Total AGI                                                            ?

Explanation / Answer

Solution :

Items 2015 Details Salary $60,000 Net short term capital gain or loss $ 14,000(gain) selling of stock Net long term capital gain or loss $2200(Loss) selling of automobile Total AGI $71,800

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