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Adjusted Gross Income (AGI) for Nell for 2008

A.) Nell, single and age 38, had the following income and expense items in 2008:

Nonbusiness bad debt $6,000
Business bad debt $2,000
Nonbusiness long-term capital gain $4,000
Nonbusiness short-term capital loss $3,000
Salary $40,000
Interest Income $1,000

Determine Nell's AGI for 2008

b.) Assume that in addition to the information in part a., Nell had the following items in 2008:

Personal casualty gain on an asset held for four months $10,000
Personal casualty loss on an asset held for two years $1,000

Determine Nell's AGI for 2008

Solution Preview

Calculate AGI for Nell. See Excel attached.

Adjusted Gross Income

a.) Nell, single and age 38, had the following income and expense items in 2008:

Non-business bad debt                      $6,000 A short term capital loss - Sch D
Business bad ...

Solution Summary

The solution calculates adjusted gross income under two scenarios for Nell for 2008.

$2.19