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    Adjusted Gross Income (AGI) for Nell for 2008

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    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

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    https://brainmass.com/business/accounting/adjusted-gross-income-agi-for-nell-for-2008-207299

    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

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