61. Phil and Susan are married taxpayers, filing a joint return. The couple have two dependent… 1 answer below »

61. Phil and Susan are married taxpayers, filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2015. Phil does not work

due to a disability, but he is a buyer and seller of stocks on the Internet. He generally buys and holds for long-term gain, but occasionally gets in and out of a stock quickly. The couple’s 2015 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.

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Date Acquired

Date Sold

Cost

Sales Price

Blue stock

11/10/14

03/12/15

$ 3,000

$ 6,000

Puce stock

12/13/13

05/23/15

36,000

32,000

Beige stock

12/14/10

07/14/15

13,000

14,500

Red stock

06/29/14

05/18/15

26,000

27,000

Black stock

05/15/14

10/18/15

67,000

67,800

Gray stock

04/23/13

10/18/15

89,000

88,200

What is Phil and Susan’s AGI?

 

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