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    Determine Velma's AGI for 2004

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    Velma, a married taxpayer filing a joint return, had the following items for 2004:

    · Salary of $75,000.

    · Loss of $25,000 on the sale of stock acquired two years ago from Mac, an investor.

    · Gain of $20,000 on the sale of §1244 stock acquired three years ago.

    · Stock acquired on January 15, 2004, for $5,000 became worthless on July 1, 2004.

    Determine Velma's AGI for 2004.

    a. $75,000.
    b. $72,000.
    c. $70,000.
    d. $65,000.
    e. None of the above

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    Solution Preview

    Velma, a married taxpayer filing a joint return, had the following items for 2004:

    ? Salary of $75,000.

    ? Loss of $25,000 on the sale of stock ...

    Solution Summary

    This solution is comprised of a detailed explanation to answer the request of the assignment in text file.

    $2.19

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