Mary and Philip Purchased an Apartment Building in January 2011,which

question 93

Multiple Choice

Mary and Philip purchased an apartment building in January 2011,which they actively manage.During the current year,the apartment building generates a loss of $35,000.Their other income is as follows: ​
What is Mary and Philip's adjusted gross income?

• A)​$59,000
• B)​$63,000
• C)​$84,000
• D)​$88,000
• E)​None of the above.

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Definitions:

Current Cost

Current cost refers to the cost of purchasing an asset or replacing a liability at current market rates, as opposed to historical purchase prices.

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return, used to assess the value of future cash flows in today's dollars.