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Jose, Single, Reports the Following Items for 2019

question 89

Essay

Jose, single, reports the following items for 2019:  Salary $44,000§1244 loss on stock acquired 3 years ago (70,000)§1244 gain on stock acquired 10 months ago 26,000 Worthless security purchased in June of last year (4,000) Nonbusiness bad debt (7,000) Interest income 8,000 Compute Jose’s adjusted gross income for 2019. \begin{array}{lr}\text { Salary } & \$ 44,000 \\\S 1244 \text { loss on stock acquired 3 years ago } & (70,000) \\\S 1244 \text { gain on stock acquired } 10 \text { months ago } & 26,000 \\\text { Worthless security purchased in June of last year } & (4,000) \\\text { Nonbusiness bad debt } & (7,000) \\\text { Interest income } & 8,000\\\text { Compute Jose's adjusted gross income for } 2019 \text {. }\end{array}

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