A Taxpayer Had the Following Income and Losses in the Current

question 112

Multiple Choice

A taxpayer had the following income and losses in the current year: $$\begin{array} { | l | r| } \hline \text { Salary } & \$ 55,000 \\\hline \text { Sold AT\&T stock at a loss } & ( 5,000 ) \\\hline \text { Lottery prize } & 4,500 \\\hline \text { Gambling winnings } & 8,000 \\\hline \text { Gambling losses } & ( 5,000 ) \\\hline\end{array}$$ What is the taxpayer's adjusted gross income?

• A)$57,500
• B)$59,500
• C)$62,500
• D)$64,500

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