Mable And Jack File A Joint Return. For The Current Year, They Had The Following Items:

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Mable And Jack File A Joint Return. For The Current Year, They Had The Following Items:

items: Salaries $120,000 Loss on sale of ¤ 1244 stock acquired two years ago 105,000 Gain on sale of ¤ 1244 stock acquired six months ago 20,000 Nonbusiness bad debt 19,000 Determine their AGI for the current year.
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joint return means a 1244 ordinary loss is limited to 100,000. 120,000 salary -100,000 ordinary loss (1244 stock) -(20,000 ST capital gain-19,000 ST capital loss=1000 gain-5000 LT capital loss limited to 3000) =17,000 AGI
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