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:

Owner's Equity

The residual interest in the assets of a company after deducting liabilities, representing what the owners truly own.

Revenue Recognition

The accounting principle dictating the conditions under which revenue is recognized and can be reported in financial statements.

Fraud

A deliberate deception to secure unfair or unlawful gain, often financial in nature. It can involve various schemes, including embezzlement, identity theft, and forgery.

Internationally

Pertains to activities, transactions, or operations that occur between or involve more than one country.