2. Jillian Cooper Jillian Cooper, a married taxpayer filing a joint return, owns Section 1244...
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2. Jillian Cooper Jillian Cooper, a married taxpayer filing a joint return, owns Section 1244 stock. Jillian paid $155,000 for the stock many years ago. This year, the corporation filed for bankruptcy and the stock became worthless. Jillian has wage income of $265,000, and no other income or above-the-line deductions.
a. What is the nature and character of the loss on the stock?
b. If there is any type of carryforward loss, what is the amount and character?
c. What is the amount of Jillians adjusted gross income (AGI)
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