Question

18. In the current year, Marc, a single taxpayer, has ordinary income of $35,000. In addition, he has $3,000 in short-term capital gains (STCG), short-term capital losses (STCL) of $6,000, and long-term capital gains (LTCG) of $4,000. What is Marc's adjusted gross income (AGI) for the current year

Answer 1

$36,000

Step-by-step explanation:

The computation of the adjusted gross income for the present year is as follows:

= Ordinary income + short term capital gain - short term capital loss + long term capital gain

= $35,000 + $3,000 - $6,000 + $4,000

= $36,000

Hence, the adjusted gross income for the present year is $36,000

The same is relevant