Capital loss and no other capital losses or capital gains

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Reference no: EM13747067

During 2014, Gary receives a $50,000 salary and has no deductions for AGI. In 2013, Gary had a $5,000 short-term capital loss and no other capital losses or capital gains. Consider the following sales and determine Gary's AGI for 2014

a. An automobile purchased in 2009 for $10,800 and held for personal use was sold for $7,000.

b. On April 10, 2014 stock held as an investment is sold for $21,000. The stock was acquired on November 20, 2013 for $9,300

Reference no: EM13747067

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