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3. During 2020, Sandeep had the following transactions: Salary Interest income on City of Baltimore bonds Damages for personal injury (car accident) Punitive damages (same
3. During 2020, Sandeep had the following transactions: Salary Interest income on City of Baltimore bonds Damages for personal injury (car accident) Punitive damages (same car accident) Cash dividends from Chevron Corporation stock Sandeep's AGI is: a. $ 185,000 b. $ 187,000 c. $285,000 d. $ 287,000 e. $ 387,000 4. In 2020, Nai-Yu had the following transactions: Salary Short-term capital gain from a stock investment Moving expense to change jobs Receipt of repayment of $ 20,000 loan she made to her sister in 2014 (includes no interest) State income taxes Nai-Yu's AGI is: a. $ 114,000 b. $ 103,000 c. $ 98,000 d. $ 94,000 e. $ 83,000 5. Ayla, age 17, is claimed by her parents as a dependent. During 2020, she had interest income from a bank savings account of $ 2,000 and income from a part-time job of $ 4,200. Ayla's taxable income is: a. $4,200-$ 4,500 = $ 0. b. $6,200-$5,700 = $ 500. c. $6,200 - $4,550 = $1,650. d. $ 6,200-$1,000 = $ 5,200. e. None of these $ 80,000 1,000 100,000 200,000 7,000 $ 90,000 4,000 (11,000) 20,000 (5,000)
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