Taylor Had the Following Transactions for 2017 What Is Taylor's AGI for 2017

question 67

Essay

Taylor had the following transactions for 2017: $\begin{array}{lc}\text { Salary } & \$ 85,000 \\\text { Moving expenses incurred to change jobs } & (12,000) \\\text { Inheritance received from deceased uncle } & 300,000 \\\text { Life insurance proceeds from policy on uncle's life (Taylor was named the beneficiary) } & 200,000 \\\text { Cash prize from church raffle } & 3,000 \\\text { Payment of church pledge } & (4,500)\end{array}$ What is Taylor's AGI for 2017?

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Definitions:

Expected Rate of Return

The expected rate of return is a forecasted percentage of the amount of profit or loss an investment is predicted to earn over a specific period, based on historical data or statistical analysis.

Patents

Legal documents that grant inventors exclusive rights to their inventions for a certain period, preventing others from making, using, or selling them without permission.

Imitation

The act of copying or closely replicating the products, services, or processes of competitors or industry leaders.

Marginal Utility

The extra satisfaction or utility gained by consuming one more unit of a good or service.