Edgar Had the Following Transactions for 2016

question 67

Essay

Edgar had the following transactions for 2016:
Salary
$ 80,000
Alimony paid
(4,000)
Recovery from car accident-
Personal injury damages
$40,000
Punitive damages
70,000
110,000
Gift from parents
20,000
Property sales-
Loss on sale of boat (used for pleasure and owned 4 years)
($4,000)
Gain on sale of ADM stock (held for 10 months as an investment)
4,000
(-0-)
What is Edgar's AGI for 2016?

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Definitions:

Coniferous Forest

Forested area generally found in areas with temperate climate and characterized by cone-bearing trees that are mostly evergreens with needle-shaped or scalelike leaves.

Spruce

A type of evergreen coniferous tree belonging to the genus Picea, known for its needle-like leaves and conical shape.

Savannah

A mixed landscape of grasslands and scattered trees, often found in tropical to subtropical regions, supporting a diverse array of flora and fauna.

Grasslands

Ecosystems dominated by grasses, often found in regions where there is not enough regular rainfall to support the growth of a forest, but more than that to form a desert.