Maria, Who Is Single, Had the Following Items for 2017

question 67

Essay

Maria, who is single, had the following items for 2017: $\begin{array}{l}\begin{array}{lr}\text { Salary } & \$ 80,000 \\\text { Loss on sale of } \S 1244 \text { small business stock acquired 3 years ago } & (60,000) \\\text { Stock acquired } 2 \text { years ago became worthless during the year } & (5,000) \\\text { Long-term capital gain } & 25,000 \\\text { Nonbusiness bad debt } & (15,000) \\\text { Casualty loss on property held } 6 \text { months } & (6,000) \\\text { Casualty gain on property held 4 years } & 4,000\end{array}\\\text { Determine Maria's adjusted gross income for } 2017 \text {. }\end{array}$

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Definitions:

Unit Price

The unit price is the cost per single unit of measurement of a product or service, facilitating price comparison among similar products of varying sizes or quantities.

Spring Specials Sale

Promotional discounts or deals offered during the spring season by retailers or service providers.

Latex Paint

Latex paint is a type of water-based paint that uses synthetic polymers as binders, known for its ease of application and clean up, as well as its flexibility and durability.

Increased

Describes a situation or quantity that has grown or become larger than before.