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What is terry taxable income

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Reference no: EM131760619

Problem -

1. Terry Trooper, a single taxpayer, had the following transactions during 2017:Sold 60 shares of Troy Corporation common stock on March 22, 2017, for $660. The stock was purchased on January 31, 2017, for $7 per share.

2. Sold family gemstones held for three years for $10,000. The gemstones had a cost and basis of $7,800.

3. Three-year note from his brother became worthless. The note was $750.

4. Stock in Tyler Corporation became worthless on December 20, 2017, when the corporation filed for bankruptcy. The stock was purchased for $250 on June 30, 2017.

5. Received $200 from a renter to cancel a lease held on rental property.

What is Terry's taxable income if his only other income was salary, net rental income and interest totaling $40,000? He has itemized deductions of $7,000 and no dependents.

(Smith)

Smith, Ephraim, Philip Harmelink, James Hasselback. Federal Taxation: Comprehensive Topics. CCH Inc., 2017-04-03. VitalBook file.

The citation provided is a guideline. Please check each citation for accuracy before use.

Reference no: EM131760619

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