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Kohsei had the following transactions for 2022: Salary Alimony paid (divorce finalized in 2016) Recovery from car accident- Personal injury damages Punitive damages Gift from parents Property sales- Loss on sale of boat (used for pleasure and owned 4 years) Gain on sale of ADM stock (held for 10 months as an investment) What is Kohsei's AGI for 2022? $40,000 70,000 ($4,000) 4,000 Ś 80,000 (4,000) 110,000 20,000 (-0-)

Kohsei had the following transactions for 2022: Salary Alimony paid (divorce finalized in 2016) Recovery from car accident- Personal injury damages Punitive damages Gift from parents Property sales- Loss on sale of boat (used for pleasure and owned 4 years) Gain on sale of ADM stock (held for 10 months as an investment) What is Kohsei's AGI for 2022? $40,000 70,000 ($4,000) 4,000 Ś 80,000 (4,000) 110,000 20,000 (-0-)

FINANCIAL ACCOUNTING
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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Kohsei had the following transactions for 2022: Salary Alimony paid (divorce finalized in 2016) Recovery from car accident- Personal injury damages Punitive damages Gift from parents Property sales- Loss on sale of boat (used for pleasure and owned 4 years) Gain on sale of ADM stock (held for 10 months as an investment) What is Kohsei's AGI for 2022? $40,000 70,000 ($4,000) 4,000 $ 80,000 (4,000) 110,000 20,000 (-0-)
Transcribed Image Text:Kohsei had the following transactions for 2022: Salary Alimony paid (divorce finalized in 2016) Recovery from car accident- Personal injury damages Punitive damages Gift from parents Property sales- Loss on sale of boat (used for pleasure and owned 4 years) Gain on sale of ADM stock (held for 10 months as an investment) What is Kohsei's AGI for 2022? $40,000 70,000 ($4,000) 4,000 $ 80,000 (4,000) 110,000 20,000 (-0-)
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