50.1K
Verified Solution
Link Copied!
Peter Piper, a single taxpayer, had the following transactions during 2019:
-Salary $50,000.00
-Net rental income of $30,000.00
-Interest from bank accounts $1,000.00
-Sold 60 shares of Troy Corporation common stock on March 22, 2019, for $660.00. The stock was purchased on January 31, 2018 for $7.00 per share.
-Sold family gemstones held for three years for $10,000.00. The gemstones had a cost and basis of $7,800.00.
-He had itemized deductions of $14,000.00 and no dependents.
What is Peters taxable income?
Answer & Explanation
Solved by verified expert
