Maria, Who Is Single, Reports the Following Items for 2019

question 19

Essay

Maria, who is single, reports the following items for 2019: $\begin{array}{llcc} \text {Salary } &\$80,000\\ \text { Loss on sale of \( \S 1244 \) small business stock acquired three years ago } &(60,000)\\\end{array}$
$\begin{array}{llcc} \text {Stock acquired two years ago became worthless during the year } &(5,000)\\ \text {Long-term capital gain } &25,000\\ \text { Nonbusiness bad debt } &(15,000)\\ \text { Federal disaster area casualty loss on property held six months } &(6,000)\\ \text { Federal disaster area casualty gain on property held four years } &4,000\\ \\ \text { Determine Maria's adjusted gross income for 2019. } &\\\end{array}$

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Definitions:

Internal Improvements

Government-funded projects to develop the nation's infrastructure, such as roads, bridges, and canals.

National Road

Also known as the Cumberland Road, it was the first major improved highway in the United States built by the federal government, stretching from Maryland to Illinois.

Public Land Sales

The process of selling land owned by the government to private individuals or entities, typically for residential, commercial, or agricultural development.

Panic Of 1819

The first widespread economic crisis in the United States, marked by bank failures, foreclosures, and severe unemployment, leading to significant shifts in economic policy.