Ask Question
BusinessBusiness
22 November, 00:23

Tonya had the following items for last year: Salary $40,000 Short-term capital gain 12,000 Nonbusiness bad debt (23,000) Long-term capital gain 8,000 For the current year, Tonya had the following items: Salary $45,000 Long-term capital gain 5,000 Determine Tonya's adjusted gross income for the current year. A. $43,000 B. $45,000 C. $48,000 D. $50,000 E. $53,000

+3
Answers (1)
  1. 22 November, 00:26
    0
    D) $50,000

    Explanation:

    Tonya's adjusted gross income = salary + long term capital gains = $45,000 + $5,000 = $50,000

    Non-business bad debt is unrelated to the person's business, and must be totally worthless in order to be deducted. In this case, Tonya deducted the non-business bad debt last year, so it doesn't affect this year's AGI.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Tonya had the following items for last year: Salary $40,000 Short-term capital gain 12,000 Nonbusiness bad debt (23,000) Long-term capital ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Tracy is trying to figure out how many rows of chairs are needed to see 888 students with 24 chairs in each row she writes the equation 24 * box equals 8 88
Answers (2)
according to the rule of 72, in about how many year will $80 be worth $40 if the rate of inflation is 3%
Answers (2)
What is the minimum balance in reference to account requirements?
Answers (1)
As the "P" the price level falls: A. households want to lend more, so the interest rate rises making the quantity of goods and services demanded rise. B.
Answers (1)
Bramble Company must decide whether to make or buy some of its components. The costs of producing 69,800 switches for its generators are as follows.
Answers (1)
New Questions in Business
Measures of central tendency and variability are calculated to describe the nature of charitable giving each year. These figures are computed for the "average" American citizen. Which of these is a possible value for the variance in dollars given? A.
Answers (1)
On January 1, 2020, Martinez Company makes the two following acquisitions. 1. Purchases land having a fair value of $330,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $483,153. 2.
Answers (1)
Which two factors directly affect the price of a stock
Answers (1)
Investment in depreciable equipment$560,000 Annual net cash flows $82,000 Life of the equipment 16years Salvage value$0 Discount rate 9% The company uses straight-line depreciation on all equipment.
Answers (1)
Which of the following statements is true? (A) A test with a high cost may also be high value. (B) A test with a low cost is always of low value. (C) Cost and value have the same definition. (D) None of the above
Answers (1)
Home » Business » Tonya had the following items for last year: Salary $40,000 Short-term capital gain 12,000 Nonbusiness bad debt (23,000) Long-term capital gain 8,000 For the current year, Tonya had the following items: Salary $45,000 Long-term capital gain 5,000
Sign Up Forgot Password?