Emily Had the Following Transactions During 2016 What Is Emily's AGI for 2017

question 60

Essay

Emily had the following transactions during 2016: $\begin{array}{lr}\text { Salary }&&\$90,000\\\text { Interest income on bonds- }\\\text { Issued by City of Nashville }&\$4,000\\\text { Issued by Chevron Corporation } & 5,000&9,000 \\\text { Alimony received } && 5,000 \\\text { Child support received } && 20,000 \\\text { City and state income taxes paid } && (5,000) \\\text { Bank loan obtained to pay for car purchase } && 15,000\end{array}$ What is Emily's AGI for 2017?

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Definitions:

Repudiated the Contract

The act of refusing to perform the duties or obligations set forth in a contract.

Withdrawn

Refers to the act of taking back or removing an offer, statement, or accusation before it has been accepted or acted upon.

Changes Mind

Changing mind refers to the act of altering one's decision or opinion about a previously made choice or stance.

Rejecting Delivery

The act of refusing to accept goods or delivery of goods, typically because they do not meet the terms of a contract or order.