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.