Question

Bruce, who is single, had the following items for the current year: ? Salary of $80,000....

Bruce, who is single, had the following items for the current year: ? Salary of $80,000. ? Gain of $20,000 on the sale of § 1244 stock acquired two years earlier. ? Loss of $75,000 on the sale of § 1244 stock acquired three years earlier. ? Worthless stock of $15,000. The stock was acquired on February 1 of the prior year and became worthless on January 15 of the current year. Determine Bruce's AGI for the current year. a.$42,000 b.$47,000 c.$27,000 d.$38,000 e.None of these choices are correct.

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