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Determine his adjusted gross income

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Question - During the current year, Ned had casualty losses that resulted in the following items:

Personal use casualty gain (Asset A held for 2 years) $3,000

Personal use casualty gain (Asset B held for 2 months) $600

Personal use casualty loss (Asset C held for 3 months) (1,000)

If Ned received a salary of $20,400 for the current year, determine his adjusted gross income.

Please show work with explanation to get the answer.

Reference no: EM132063642

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