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Please show all the steps and explanations for #2-#4 (4,000) $40,000 70.000 Alimony paid (Divorce finalized in 2016) Recovery from car accident Personal injury damages
Please show all the steps and explanations for #2-#4
(4,000) $40,000 70.000 Alimony paid (Divorce finalized in 2016) Recovery from car accident Personal injury damages Punitive damages Gift from parents Property sales Loss on sale of bout (used for pleasure and owned 4 years) Gain on sale of ADM stock (held for 10 months as an investment) What is Kohsei's AI for 2021? 110,000 20,000 (54,000) 4.000 (-0-) 2. Michaella, age 23, is a full-time law student and is claimed by her parents as a dependent. During 2021, she received $1,400 interest income from a bank savings account and $12,400 from a part-time job. What is Michaella's taxable income for 2021 3. Amold was employed during the first six months of 2021 and cared a $90,000 salary. During the next six months, he collected $7.200 of unemployment compensation. He borrowed $6,000 (using his personal residence as collateral) and withdrew Srom his savings account (on which he had earned 560 interest). Amold's parents loaned him $10.000 interest-free) on July 1 of the current year, when the Federal rate was 3%. Amold did not repay the loan during the year and used the money for living expenses. Calculate Amold's adjusted gross income for the year 4. Sarah, a widow, is retired and receives $20,000 interest income and dividends and $10.000. in Social Security benefits. Sarah is considering selling a stock at an $8,000minWhat will be the increase in Sarah's gross income as a result of the sale of the stock Step by Step Solution
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