Give me correct answer with explanation.f This year Diane intends to file a married - joint return. Diane received $188, 100 of salary and paid $5,650 of interest on loans used to payqualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $7,700 and $28, 600 of alimonyto her ex-spouse, Jack, who she divorced in 2013. A. What is Diane's adjusted gross income? B. Suppose that Diane also reported incomeof $9,800 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI wouldDiane report under these circumstances?

The adjusted gross income of a taxpayer is the net income after deducting certain allowable…

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Business

Accounting

Give me correct answer with explanation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Give me correct answer with explanation.f

This year Diane intends to file a married - joint return. Diane received $188, 100 of salary and paid $5,650 of interest on loans used to pay
qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $7,700 and $28, 600 of alimony
to her ex-spouse, Jack, who she divorced in 2013. A. What is Diane's adjusted gross income? B. Suppose that Diane also reported income
of $9,800 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would
Diane report under these circumstances?

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Step 1: Introduce Adjusted Gross Income

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Step 2: Calculate AGI

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Step 3: Calculate AGI to be reported

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