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Please show all work and calculations 4. In 2004 Mr. EF, a single taxpayer, contributed...

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Accounting

Please show all work and calculations

4. In 2004 Mr. EF, a single taxpayer, contributed $45,000 in exchange for 500 shares of DB stock. In 2007, he paid $40,000 to another shareholder to purchase 1,000 more DB shares. All DB's stock qualified as section 1244 stock when it was issued. This year Mr. EF sold all 1,500 DB shares for $16 per share. His only income item was his $80,000 salary.

A. Compute Mr. EF's AGI

B. How would AGI change if if he recognized a $20,000 capital gain on the sale of other securities?

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