Summary Problem: Tommy,a single taxpayer with no dependents,has the following items that may affect his taxable income.What is his adjusted gross income? 
Definitions:
Goodwill Impairment
Goodwill impairment occurs when the market value of a company's goodwill asset falls below its book value, indicating that the asset is overvalued on the balance sheet.
Long-Term Liabilities
Financial obligations of a company that are due after a year or more.
Net Income
Net income is the total earnings of a company after subtracting all expenses, taxes, and losses.
Operating Profit Test
A financial metric used to assess a company's profitability from its core operations, excluding effects of financing and taxes.
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