Mabel and Jack file a joint return. For the current year, they had the following items:
Salaries = $180,000
Loss on sale of Title 1244 Stock acquired 2 yrs ago = 105,000
Gain on sale of Title 1244 acquired 6 months ago = 20,000
Nonbusiness bad debt = 19,000
What is the adjusted gross income
the loss on title 1244 stock is limited to $100,000 and is treated as ordinary loss