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Home / Questions / Problem 7-43 (LO. 1, 4) Nell, single and age 38, had the following income and expense ite...

Problem 7-43 (LO. 1, 4) Nell, single and age 38, had the following income and expense items in 2017: Nonbusiness bad debt $6,000 Business bad debt 2,000 Nonbusiness long-term capital gain 4,000

Problem 7-43 (LO. 1, 4)

Nell, single and age 38, had the following income and expense items in 2017:

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 50,000
Interest income 3,000
Personal casualty gain on an asset held for four months 10,000
Personal casualty loss on an asset held for two years 1,000
   
Assume all casualty losses are after the application of the $100-per-event floor.  

Determine Nell's AGI for 2017. (Hint: What happens with each element of personal casualty gains and losses when gains exceed losses?)

Salary $
Interest income  
   
   
  $
Adjusted gross income $

Jun 24 2021 View more View Less

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