Velma, a married taxpayer filing a joint return, had the following items for 2004:
· Salary of $75,000.
· Loss of $25,000 on the sale of stock acquired two years ago from Mac, an investor.
· Gain of $20,000 on the sale of §1244 stock acquired three years ago.
· Stock acquired on January 15, 2004, for $5,000 became worthless on July 1, 2004.
Determine Velma's AGI for 2004.
a. $75,000.
b. $72,000.
c. $70,000.
d. $65,000.
e. None of the above