Reference no: EM133140899

Question - Greg and Mary Brady, married filing joint, had the following items for 2021:

Salaries $196,500

Long-term capital gain on sale of investment 18,250

Interest income from Wells Fargo money market account 7,500

Stock acquired 4 years ago became worthless during the year (4,500)

Loss on non-business bad debt that has been held for 8 years (7,300)

Loss on sale of §1244 small business stock acquired 6 years ago (112,500)

Casualty loss on long-term business property (12,400)

Required -

1. List any ordinary income and ordinary deduction items and their dollar amounts.

2. List any short-term capital gains and capital losses items and their dollar amounts.

3. List any long-term capital gains and capital losses items and their dollar amounts.

4. Determine Greg and Mary's adjusted gross income for 2021.