Question - Mike, single, age 31, had the following items for 2010:
Salary $42,000
Nonbusiness bad debt ($4,500)
Casualities - independent events
Asset A (personal use property held for 2 years)gain $2,000
Securities (stolen) loss ($5,000)
Dividends $1,000
Interest expense on personal residence $10,000
Compute Mike's taxable income for 2010.