destanybrunson
09.10.2019 •
Business
Soong, single and age 32, had the following items for the tax year 2019: salary of $30,000. interest income from u.s. government bonds of $2,000. dividends from a foreign corporation of $500. sale of small business § 1244 stock on october 20, 2019, for $20,000. the stock had been acquired two years earlier for $65,000. business bad debt of $4,000. nonbusiness bad debt of $5,000. sale of small business § 1244 stock on november 12, 2019, for $4,000. the stock had been acquired on june 5, 2019, for $800. sale of preferred stock on december 4, 2019, for $40,000. the stock was acquired four years ago for $18,000. total itemized deductions of $25,000 (no casualty or theft). determine soong’s nol for 2019.
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