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7 April, 22:21

For the current year, David has wages of $80,000 and the following property transactions:Stock investment sales - Long-term capital gain $ 9,000Short-term capital loss (12,000) Loss on sale of camper (purchased 4 years ago and used for family vacations) (2,000) What is David's AGI for the current year? a.$78,000. b.$89,000. c.$77,000. d.$76,000. e. None of these choices are correct.

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  1. 7 April, 22:25
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    Option (c) is correct.

    Explanation:

    Given that,

    For the current year,

    Wages = $80,000

    Long-term capital gain = $9,000

    Short-term capital loss = $12,000

    Loss on sale of camper (purchased 4 years ago and used for family vacations) = $2,000

    David's AGI for the current year:

    = Wages - Short-term capital loss + Long-term capital gain

    = $80,000 - $12,000 + $9,000

    = $77,000
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