Question

Beatrice, a single taxpayer, has W-2 income of $93,700. She also has a short-term capital loss of $7,000, a short-term capital gain of $1,000, and a long-term capital gain of $2,000. What is Beatrice's gross income?

Answer 1

$90,700

Step-by-step explanation:

Data provided in the question

Income = $93,700

Short term capital loss = $7,000

Short term capital gain = $1,000

Long term capital gain = $2,000

So by considering the above information, the gross income should equal to

= Income - Short term capital gain - long term capital gain

= $93,700 - $1,000 - $2,000

= $90,700

We ignored the short term capital loss and the rest items are relevant and the same is shown above