Question
Tonya had the following items for last year: Salary $40,000 Short-term capital gain $12,000 Nonbusiness bad debt ($10,000) Long-term capital loss ($8,000) For the current
Tonya had the following items for last year:
| Salary | $40,000 |
| Short-term capital gain | $12,000 |
| Nonbusiness bad debt | ($10,000) |
| Long-term capital loss | ($8,000) |
For the current year, Tonya had the following items:
| Salary | $45,000 |
| Collection of last years bad debt | $12,000 |
Determine Tonya's adjusted gross income for the current year.
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Fundamental Financial Accounting Concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds
10th Edition
126015940X, 978-1260159400
