Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) Dima, who is 45 years old and single, had the following transactions for 2019: Salary $56,000 Interest income on ExxomMobil Corporation bonds 2,000 Gift

1) Dima, who is 45 years old and single, had the following transactions for 2019:

Salary $56,000

Interest income on ExxomMobil Corporation bonds 2,000

Gift from parents 12,000

Contribution to traditional IRA 7,000

Lottery winnings 5,000

Dimas AGI for 2019 is:

A.

$61,000.

B.

some other amount.

C.

$56,000.

D.

$68,000.

E.

$57,000.

2) Jordan is 44 years old and single, had gross income of $38,000, and incurred the following expenses during 2019:

Charitable contribution $2,500

Taxes and interest on home mortgage 9,000

Legal fees incurred in a tax dispute 1,000

Medical expenses 4,000

Jordans AGI is:

A.

$38,000.

B.

$37,800

C.

$35,500.

D.

$28,800.

E.

$32,800.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions