Essay
Edgar had the following transactions for 2015: Salary $ 80,000 Alimony paid (4,000) Recovery from car accident- Personal injury damages $40,000 Punitive damages 70,000 110,000 Gift from parents 20,000 Property sales- Loss on sale of boat (used for pleasure and owned 4 years) ($4,000) Gain on sale of ADM stock (held for 10 months as an investment) 4,000 (-0-) What is Edgar's AGI for 2015?
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$150,000.$80,000 (salary) - $4,000 (alim...View Answer
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