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Problem - Nancy is married and ?le a joint tax return with her husband Steven. For tax year ending December 31, 2019 they reported the following items:
Salary $195,000
§ 1244 loss on stock acquired 3 years ago $115,000
§ 1244 gain on stock acquired 10 months ago $9,000
Short-term capital loss purchased last year $14,000
Personal loan to friend that became uncollectible due to friend's untimely death $12,000
Interest income $8,000
Stock Dividend (FMV on date of Dividend) $25,000
Required -
a. Compute Nancy and Steve's adjusted gross income for 2019.
b. Explain the reason for excluding any item from adjusted gross income.
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