Bruce, Who Is Single, Had the Following Items for the Current

Multiple Choice

Bruce, who is single, had the following items for the current year: ∙ Salary of $80,000.
∙ Gain of $20,000 on the sale of § 1244 stock acquired two years earlier.
∙ Loss of $75,000 on the sale of § 1244 stock acquired three years earlier.
∙ Worthless stock of $15,000.The stock was acquired on February 1 of the prior year and became worthless on January 15 of the current year.
Determine Bruce's AGI for the current year.

A) $27,000
B) $38,000
C) $42,000
D) $47,000
E) None of these.