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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