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Where did they get the 1244 ordinary loss of 50000 from?? Why would they deduct...

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Accounting

Where did they get the 1244 ordinary loss of 50000 from?? Why would they deduct the ordinary loss treatment limit of 50000?? image
53. Bruce, who is single, had the following items for the current year Salary of $80,000. Gann of $20,000 on the sale of $1244 stock acquired two years earlier. Loss of $75,000 on the sale of 1244 stock acquired three years earlier Worthless stock of $15,000. The stock was acquired on February, 1 of the prior year and became worthless on January 15 of the current year. adt toss TG Determine Bruce's AGI for the current year. 800 0 a. $27,000 b. $38,000 c. $42,000 d. $47,000 e. None of the above ANSWER ATIONALE $80,000 Salary 1244 ordinary loss Long-term capital gain Long-term capital loss Excess 1244 loss ($75,000-$50,000) Worthless security Net long-term capital loss (limited to $3,000) Adjusted gross income $20,000 50,000) sano $25,000 15,000 (40.000 (3,000) $27.000

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