During 2019, Marvin Had the Following Transactions Marvin's AGI Is:
A) $32,000

question 31

Multiple Choice

During 2019, Marvin had the following transactions: $\begin{array}{lr}\text { Salary } & \$ 50,000 \\\text { Bank loan (proceeds used to buy personal auto) } & 10,000 \\\text { Alimony paid (divorce was finalized in 2010) . } & 12,000 \\\text { Child support paid } & 6,000 \\\text { Gitt from aunt } & 20,000\end{array}$ Marvin's AGI is:

• A) $32,000.
• B) $38,000.
• C) $44,000.
• D) $56,000.
• E) $64,000.

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Definitions:

Privately Owned

Describes businesses or assets owned by individuals or companies and not by the government or the public.

Nonprofit Organization

An organization that operates for a collective, public, or social benefit, instead of working for profit or income for its owners or investors.

Political Rally

A large public gathering organized by political entities to garner support, promote agendas, or energize voters.

Profit

The financial gain made in a transaction or business operation, calculated by subtracting total expenses from total revenue.