Question

Lane is single and has two dependents. Financial records show the following items in the current...

Lane is single and has two dependents. Financial records show the following items in the current year: Gift from a friend $12,000 Dividends received on stock $1,200 Prize won in state lottery $1,000 Salary from employer $35,000 Child support received from ex-spouse $6,000 How much is Lane’ AGI for the current year?

$43,200

$37,200

$49,200

$55,200

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer -

The gift from a friend and the child support received from ex-spouse is not includible in the adjusted gross income.

Dividends received on stock = $1,200

Prize won in state lottery = $1,000

Salary from employer = $35,000

The adjusted gross income for the current year = Dividends received on stock + Prize won in state lottery + Salary from employer

= 1200 + 1000 + 35000

= $37,200

Hence the correct answer is option B.

If u r satisfied plz give a like

In case of any doubts plz let me know

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Lane is single and has two dependents. Financial records show the following items in the current...
Lane is single and has two dependents. Financial records show the following items in the current year: Gift from a friend $12,000 Dividends received on stock $1,200 Prize won in state lottery $1,000 Salary from employer $35,000 Child support received from ex-spouse $6,000 Alimony received from ex-spouse $12,000 Long-term capital loss $5,000 How much is Lane’ adjusted gross income for the current year?             $43,200 $44,200 $46,200 $48,200
During the current year, Donna, a single taxpayer (divorced in 2019), reports the following items of...
During the current year, Donna, a single taxpayer (divorced in 2019), reports the following items of income and expenses: Income: Salary $86,000 Municipal bond interest 1,300 Bank account interest 2,300 Alimony received 24,000 Capital gain on an asset held less than one year 3,000 Rental income from residential rental house 12,500 Expenses/losses: Interest on principal residence 8,000 Real estate taxes on principal residence 1,000 Capital loss on an asset held less than one year 7,000 Expenses related to rental property...
Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). Blake’s...
Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5). Blake’s gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300. Valerie’s salary from GuiTech, an S corporation, was $29,400. Valerie owns 16 percent of GuiTech’s outstanding stock. Her pro rata share of GuiTech’s ordinary business income was $13,790, her pro rata share of GuiTech’s net loss from rental real estate was $8,100, and she received a $7,000 cash distribution...
1) On January 1, 2014, Bullitt Corporation sold a machine to Sting Corporation and simultaneously leased...
1) On January 1, 2014, Bullitt Corporation sold a machine to Sting Corporation and simultaneously leased it back for ten years. The following information is available regarding the lease: Estimated remaining useful life at December 31, 2013 10 years Sales price $ ,90,000 Carrying value at December 31, 2103 $ 52,500 Annual rental under leaseback $14,600 Interest rate implicit in the lease 10% Present value of the lease rentals $ 89,711 (14,600 for 10 years at 10%) How much profit...
Develop a 2018 individual tax return (with all required forms and supporting schedules) for Rob and...
Develop a 2018 individual tax return (with all required forms and supporting schedules) for Rob and Laura Petrie that is both professional in appearance and technically correct. The use of tax software or a professional tax preparer to complete this project is prohibited. You can access fill-in forms (in pdf format) on the IRS website (www.irs.gov) by clicking on “More” on the left side of the homepage in the “Forms and Pubs” section. Next, click on the “Current Forms and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT