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Mr. and Mrs. Philips recognized the following capital gains and losses this year. Short-term capital gain $ 10,000 Short-term capital loss $ (4,000) Long-term capital gain $ 45,000 Long-term capital loss $ (60,000) Their AGI before consideration of these gains and losses was $140,000. Compute their AGI.

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Based on the information given Mr. and Mrs. Philip AGI is $137,000.

First step is to calculate the net capital gain or loss

Net capital gain or Loss=$10,000 -$4,000 + $45,000 - $60,000

Net capital gain or loss= ($9,000)

Second step is to calculate the adjusted gross income

Based on the above calculation  Mr. and Mrs. Philips has net capital loss of $9,000 which means that they will only can to take up to 3,000 per year.

Hence:

Adjusted gross income(AGI)=$140,000-$3,000

Adjusted gross income(AGI)=$137,000

Inconclusion Mr. and Mrs. Philip AGI is $137,000.

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