Edward sold four capital assets in the current year: Purchase Date 03/15/Year 7 04/05/Year 8 06/08/Year 9 09/15/Year 10 Sale Date 08/14/Year 10 $4,700 10/31/Year 10 $6,500 02/14/Year 10 $4,400 12/28/Year 10 $10,300 AGI $ Cost Sales Proceeds $7,800 $3,000 $4,700 $6,800 if Edward's AGI before the capital transactions was $120,400, what is Edward's AGI after the capital transactions?
Edward sold four capital assets in the current year: Purchase Date 03/15/Year 7 04/05/Year 8 06/08/Year 9 09/15/Year 10 Sale Date 08/14/Year 10 $4,700 10/31/Year 10 $6,500 02/14/Year 10 $4,400 12/28/Year 10 $10,300 AGI $ Cost Sales Proceeds $7,800 $3,000 $4,700 $6,800 if Edward's AGI before the capital transactions was $120,400, what is Edward's AGI after the capital transactions?
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 18P
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![Edward sold four capital assets in the current year:
Purchase Date
03/15/Year 7
04/05/Year 8
06/08/Year 9
09/15/Year 10
Sale Date
AGI $
Cost
08/14/Year 10
$4,700
10/31/Year 10
$6,500
02/14/Year 10
$4,400
12/28/Year 10 $10,300
Sales Proceeds
$7,800
$3,000
$4,700
$6,800
if Edward's AGI before the capital transactions was $120,400, what is Edward's AGI after the capital transactions?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F131b19c1-a8b6-4519-a455-ff27060cdb45%2Ff191deb0-5bd4-440a-8f4a-60fb8d39dc1c%2F64fng9j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Edward sold four capital assets in the current year:
Purchase Date
03/15/Year 7
04/05/Year 8
06/08/Year 9
09/15/Year 10
Sale Date
AGI $
Cost
08/14/Year 10
$4,700
10/31/Year 10
$6,500
02/14/Year 10
$4,400
12/28/Year 10 $10,300
Sales Proceeds
$7,800
$3,000
$4,700
$6,800
if Edward's AGI before the capital transactions was $120,400, what is Edward's AGI after the capital transactions?
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