John Files a Return as a Single Taxpayer

question 41

Multiple Choice

John files a return as a single taxpayer.In 2019, he had the following items:
? Salary of $40,000.
? Loss of $65,000 on the sale of § 1244 stock acquired two years ago.
? Interest income of $6,000.
Determine John's AGI for 2019.

• A)($5,000).
• B)$0.
• C)$45,000.
• D)$51,000.
• E)None of these.

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Definitions:

Sarbanes-Oxley Act

The Sarbanes-Oxley Act is a United States federal law that set new or expanded requirements for all U.S. public company boards, management, and public accounting firms, aiming to protect investors from fraudulent financial reporting.

Securities Regulations

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Stands for the Securities and Exchange Commission, a U.S. federal agency responsible for regulating the securities industry and ensuring fair and efficient markets.

Waiting Period

In securities registration, the period between the time an issuer files a registration statement and prospectus with the SEC requesting to offer a security and the time the offer is approved by the SEC, which is a minimum of 20 days.