Mable and Jack file a joint return. For the current year, they had the following items:
|
Salaries |
$120,000 |
|
Loss on sale of § 1244 stock acquired two years ago |
105,000 |
|
Gain on sale of § 1244 stock acquired six months ago |
20,000 |
|
Nonbusiness bad debt |
19,000 |
Determine their AGI for the current year.