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scarletox822Lv1
28 Sep 2019
. A taxpayer has a $26,000 Section 1231 loss, a $22,000 Section1231 gain, and a salary of $65,000. What is the treatment of theseitems in the taxpayerâs AGI? A) The Section 1231 gains and lossesare treated as ordinary gains and losses making the taxpayerâs AGIfor the year $61,000. B)The taxpayer has a LTCG of $22,000 and anet ordinary loss of $26,000. C) Pierce has net LTCG of $22,000 and$39,000 of net ordinary income. D) The taxpayer has a $3,000 LTCLwhich is deductible for AGI making AGI $62,000. He also has a$1,000 LTCL carryover.
. A taxpayer has a $26,000 Section 1231 loss, a $22,000 Section1231 gain, and a salary of $65,000. What is the treatment of theseitems in the taxpayerâs AGI? A) The Section 1231 gains and lossesare treated as ordinary gains and losses making the taxpayerâs AGIfor the year $61,000. B)The taxpayer has a LTCG of $22,000 and anet ordinary loss of $26,000. C) Pierce has net LTCG of $22,000 and$39,000 of net ordinary income. D) The taxpayer has a $3,000 LTCLwhich is deductible for AGI making AGI $62,000. He also has a$1,000 LTCL carryover.
Lelia LubowitzLv2
28 Sep 2019