- 26. Are any of the following losses deductible on an individual's income tax return?...
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- 26. Are any of the following losses deductible on an individual's income tax return? If so, is the loss deductible for or from AGI? Explain each loss. Amount $4,000 3,000 8,000 Loss Loss on sale of stock in an individual's wholly-owned business corporation Hobby loss in excess of hobby gross income Gambling losses in excess of gambling winnings Loss on sale of stock in individual's investment portfolio Decline in value of stock held in individual's investment portfolio Loss on sale of personal automobile Total 9,000 7,000 i 2,000 $33,000
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