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Taylor, who works for a public accounting firm, had the following transactions for 2022: Salary Moving expenses incurred to change jobs Inheritance received from deceased uncle Cash prize from church raffle Payment of church pledge $ 85,000 Life insurance proceeds from policy on uncle's life (Taylor was named the beneficiary) 200,000 What is Taylor's AGI for 2022? (12,000) 300,000 3,000 (4,500)

Taylor, who works for a public accounting firm, had the following transactions for 2022: Salary Moving expenses incurred to change jobs Inheritance received from deceased uncle Cash prize from church raffle Payment of church pledge $ 85,000 Life insurance proceeds from policy on uncle's life (Taylor was named the beneficiary) 200,000 What is Taylor's AGI for 2022? (12,000) 300,000 3,000 (4,500)

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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Taylor, who works for a public accounting firm, had the following transactions for 2022: Salary Moving expenses incurred to change jobs Inheritance received from deceased uncle Life insurance proceeds from policy on uncle's life (Taylor was named the beneficiary) Cash prize from church raffle Payment of church pledge What is Taylor's AGI for 2022? $ 85,000 (12,000) 300,000 200,000 3,000 (4,500)
Transcribed Image Text:Taylor, who works for a public accounting firm, had the following transactions for 2022: Salary Moving expenses incurred to change jobs Inheritance received from deceased uncle Life insurance proceeds from policy on uncle's life (Taylor was named the beneficiary) Cash prize from church raffle Payment of church pledge What is Taylor's AGI for 2022? $ 85,000 (12,000) 300,000 200,000 3,000 (4,500)
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