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Business, 07.01.2021 18:40 soriajimmy85

Todd Johnson had the following items of income and losses during the tax year: Wages $40,000
Non-business bad debt $1,000
Gann on commodities held 16 months $2,000
Loss on stock held 2 years $(800)
Flood damage on personal residence owned 5 years $4500
Gain on stock held 13 months $5,000

The Flood damage occurred due to a federally declared disaster. What is Todd's taxable capital gain for the tax year?

a. $500
b. $700
c. $5,200
d. $6,200

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Answers: 1

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Todd Johnson had the following items of income and losses during the tax year: Wages $40,000
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