Bernie is a former executive who is retired. This year Bernie received $250,000 in pension...
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Accounting
Bernie is a former executive who is retired. This year Bernie received $250,000 in pension payments and $10,000 of social security payments. What amount must Bernie include in his gross income?
A. $250,000
B. $255,000
C. $258,500
D. $260,000
E. Zero
For investment purposes, a TP purchased 500 shares of Toys R Us common stock for $20 per share. At year-end his statement indicated that the shares were only worth $2 per share. What amount can he deduct as a loss this year?
A. None of the choices are correct He is not entitled to a loss deduction.
B. He can deduct $10,000 only if he includes $1,000 in his taxable income.
C. $10,000
D. $3,000
E. $9,000
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