Solved

Ashley Had the Following Transactions During 2019 What Is Ashley's AGI for 2019

Question 142

Essay

Ashley had the following transactions during 2019:
Salary $90,000Interest income on bonds- Issued by City of Nashville $4,000Issued by Chevron Corporation 5,0009,000 Alimony received (divorce finalized in 2011)5,000Child support received (divorce finalized in 2011) 20,000City and state income taxes paid (5,000)Bank loan obtained to pay for car purchase 15,000\begin{array} { l } \text {Salary }&&\$90,000\\ \text {Interest income on bonds- }\\ \text {Issued by City of Nashville }&\$4,000\\ \text {Issued by Chevron Corporation }&5,000&9,000\\ \text { Alimony received (divorce finalized in 2011)}&&5,000\\ \text {Child support received (divorce finalized in 2011) }&&20,000\\ \text {City and state income taxes paid }&&(5,000)\\ \text {Bank loan obtained to pay for car purchase }&&15,000\\\end{array}

What is Ashley's AGI for 2019?

Correct Answer:

verifed

Verified

$100,000 [$90,000 (salary) + $5,000 (int...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q11: Match the statements that relate to each

Q71: Tony, age 15, is claimed as a

Q81: As opposed to itemizing deductions from AGI,

Q99: Match the statements that relate to each

Q137: Michaella, age 23, is a full-time law

Q138: Match the statements that relate to each

Q139: Taylor, who works for a public

Q140: For the past few years, Corey's filing

Q145: In applying the gross income test in

Q146: For the current year, David has