Essay
Emily had the following transactions during 2016:
Salary
$90,000
Interest income on bonds-
Issued by City of Nashville
$4,000
Issued by Chevron Corporation
5,000
9,000
Alimony received
5,000
Child support received
20,000
City and state income taxes paid
(5,000)
Bank loan obtained to pay for car purchase
15,000
What is Emily's AGI for 2016?
Correct Answer:
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$100,000.$90,000 (salary)+ $5,000 (inter...View Answer
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