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Compute Nancy and Steve adjusted gross income

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Question - Nancy is married and file 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.

Reference no: EM132945016

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