For the Current Year, David Has Wages of $80,000 and the Following

question 1

Multiple Choice

For the current year, David has wages of $80,000 and the following property transactions: $\begin{array}{lr}\text { Stock investment sales- } \\\text { Long-term capital gain } &\$ 9,000 \\\text { Short-term capital loss } &(12,000) \\\text { Loss on sale of camper (purchased 4 years ago and used for family vacations) } &(2,000) \end{array}$ What is David's AGI for the current year?

• A) $76,000.
• B) $77,000.
• C) $78,000.
• D) $89,000.
• E) None of these.

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Definitions:

Public Trust

The degree of confidence that the public has in the capability, integrity, and efficiency of organizations, institutions, or government to fulfill their responsibilities.

Well Informed

Having or showing a broad knowledge of facts acquired through education or experience.

Do No Harm Principle

A guiding ethical imperative aimed at avoiding the infliction of harm or suffering on others.

Liberty

The state of being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views.