Marvin had the following transactions: Salary $50,000 Compensation of body injury due to car accident 15200 Bank loan (proceeds used to buy personal auto) 10,000 Alimony payment to ex-wife (divorce settled in 2018) 6,000 Child support payment 12,000 Gift from aunt Gain from sale of city of Bloomington bonds 5,000 20,000 Interest from City of Bloomington Bonds 500 Interest received on the U.S. Government bonds 1,500 Interest received on corporate (GE company) bonds 350 Lottery winnings 500 Life insurance proceed after her grandmother died 150,000 Calculate Marvin’s AGI:
Marvin had the following transactions:
|
Salary |
|
$50,000 |
|
|
Compensation of body injury due to car accident |
|
15200 |
|
|
Bank loan (proceeds used to buy personal auto) |
|
10,000 |
|
|
Alimony payment to ex-wife (divorce settled in 2018) |
|
6,000 |
|
|
Child support payment |
|
12,000 |
|
|
Gift from aunt Gain from sale of city of Bloomington bonds 5,000 |
|
20,000 |
|
Interest from City of Bloomington Bonds 500
Interest received on the U.S. Government bonds 1,500
Interest received on corporate (GE company) bonds 350
Lottery winnings 500
Life insurance proceed after her grandmother died 150,000
Calculate Marvin’s AGI:
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