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Flauer [41]
3 years ago
9

For the current year, David has wages of $80,000 and the following property transactions:Stock investment sales— Long-term capit

al gain $ 9,000Short-term capital loss (12,000)Loss on sale of camper (purchased 4 years ago and used for family vacations) (2,000)What is David's AGI for the current year?a.$78,000.b.$89,000.c.$77,000.d.$76,000.e.None of these choices are correct.
Business
1 answer:
skad [1K]3 years ago
8 0

Answer:

Option (c) is correct.

Explanation:

Given that,

For the current year,

Wages = $80,000

Long-term capital gain = $9,000

Short-term capital loss = $12,000

Loss on sale of camper (purchased 4 years ago and used for family vacations) = $2,000

David's AGI for the current year:

= Wages - Short-term capital loss + Long-term capital gain

= $80,000 - $12,000 + $9,000

= $77,000

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