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
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© BrainMass Inc. brainmass.com June 3, 2020, 9:57 pm ad1c9bdddf
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 ...
The solution calculates adjusted gross income under two scenarios for Nell for 2008.