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?

Identify exclusive federal powers and distinguish them from state powers.

Understand supremacy clause and how it resolves conflicts between federal and state laws.

Comprehend the concept of procedural due process and its application.

Recognize the legislative branch's checks on the judicial and executive branches.

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Definitions:

Readily Marketable

Describes assets that can easily and quickly be converted into cash without significantly affecting their price.

Interest Receivable

The amount of interest income that has been earned but not yet received in cash.

Fixed Asset

A long-term tangible piece of property or equipment that a business uses in its operations to generate income.

Balance Sheet

A financial report that outlines a corporation's assets, liabilities, and owner's equity at a particular moment.