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10 October, 05:07

During 2019, Enrique had the following transactions: Salary $70,000 Interest income on Xerox bonds 2,000 Inheritance from uncle 40,000 Contribution to traditional IRA 5,500 Capital losses 2,500

Esther's AGI is

a. $62,000.

b. S64.000.

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Answers (1)
  1. 10 October, 07:38
    0
    The correct answer is B

    Explanation:

    Calculation of AGI for 2019 -

    Salary Income $70,000

    Interest income on Xerox bonds $2,000

    Inheritance from uncle $ 40,000

    Deduction : Capital Loss ($2500)

    Contribution to traditional IRA ($5500)

    Inheritance from uncle ($40,000)

    Total = $64,000
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