Beverly earned a $75,000 salary and recognized a $7,200 loss on the sale of corporate stock this year. Compute her AGI in each of the following independent cases.a. Beverly had no other capital transactions this year.b. Beverly recognized a $13,500 capital gain on the sale of mutual fund shares.c. Beverly received a $9,500 capital gain distribution from a mutual fund and had a $3,200 capital loss carryforward from a previous year.
What will be an ideal response?
a. $72,000 AGI = $75,000 salary ? $3,000 allowable capital loss.
b. $81,300 AGI = $75,000 salary ? $7,200 capital loss + $13,500 capital gain.
c. $74,100 AGI = $75,000 salary ? $7,200 capital loss + $9,500 capital gain ? $3,200 capital loss carryover.
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