Question
Allison had the following transactions during 2019: Salary $90,000 Bank loan obtained to pay for car purchase 30,000 Interest income on bonds Issued by City
Allison had the following transactions during 2019:
Salary |
| $90,000 |
Bank loan obtained to pay for car purchase |
| 30,000 |
Interest income on bonds |
|
|
Issued by City of Nashville | $4,000 |
|
Issued by Procter & Gamble Corporation | 5,000 | 9,000 |
Child support received |
| 6,000 |
Capital gain from stock investment, held for 4 months |
| 3,500 |
Alimony received (divorce finalized in 2011) |
| 5,000 |
Inheritance received from Grandpa George |
| 20,000 |
Charitable contributions paid to church |
| (5,000) |
What is Allisons AGI for 2019? Show and label all calculations. For all items you exclude from the calculation, explain why. (8 points)
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