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:

Team Network

A group of individuals connected by common professional goals or projects, often collaborating across different areas of expertise.

Rectification

The act of correcting, making right, or improving something that was wrong or flawed.

Cooperative Website

A web platform owned and operated by a collective that serves the interests or needs of its members.

Associates

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