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Determine Gill AGI

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During 2020?, Gill receives a $70,000 salary and has no deductions for AGI. In 2019?, Gill had a $5000 STCL and no other capital losses or capital gains.

Consider the following sales.

  • An automobile purchased in 2015 for $22,000 and held for personal use is sold for $9,000.
  • On April 10, 2020, stock held for investment is sold for $23,000. the stock was acquired on November 20, 2019, for $7,700.

Requirement

Question 1: Determine Gill's AGI for 2020. ?(Assume that the 2019 STCL of $5,000 is before Gill has taken any capital loss deduction in 2019.)

Reference no: EM132643186

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