Summary Problem: Tommy,a Single Taxpayer with No Dependents,has the Following

question 91

Essay

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?
$$\begin{array} { l r } \text { Empl oyee sal ary received } & \$ 70,000 \\\text { Child support paid to ex-wife } & 12,000 \\\text { Total allowable itemized deductions } & 3,000 \\\text { Cash gift received from parents } & 7,000 \\\text { Gain on the sale of stock } & 5,000 \\\text { Loss on the sale of personal residence } & ( 10,000 ) \\\text { Loss on the sale of stock } & ( 6,000 ) \\\text { Amount collected from a life insurance policy } & 40,000 \\\text { Health insurance premiums paid by his employer } & 3,000 \\\text { Winnings from gambling trip to Las Vegas } & 800 \\\text { Cost of employer paid parking space } & 1,200 \\\text { Government pension benefits received } & 15,000 \\\text { Amount his dog earned from being in a televi sion commercial } & 2,000\end{array}$$

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Definitions:

Anthrax

A serious infectious disease caused by the bacterium Bacillus anthracis, affecting both humans and animals, and can be transmitted through contact with infected animals or animal products.

Gram-positive

Refers to bacteria that retain the crystal violet dye used in the Gram stain process, indicating a thicker peptidoglycan layer in the cell wall.

Chemical Test Strip

Chemical test strips are small pieces of paper or material that change color when exposed to certain chemical compounds, used for testing and measuring the presence or concentration of specific substances.