Ethan had the following transactions during 2012:
What is Ethan's AGI for 2012?
Definitions:
Fungible Goods
Items that are interchangeable with others of the same type because they are identical in essence and value, such as grains or precious metals.
Average Quality
The median standard of quality among similar products or services, considered acceptable or satisfactory.
Warranty Of Merchantability
The warranty of merchantability is a legal guarantee provided by sellers that goods for sale will meet reasonable quality and usability standards as understood in the marketplace.
Strict Liability
A legal standard that holds a party responsible for their actions or products, regardless of fault or intent.
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