Answer to Question #43365 in Microeconomics for Seth Morgan

Question #43365
Tonya had the following items for last year: Salary $40,000 Short-term capital gain $12,000 Nonbusiness bad debt ($10,000) Long-term capital loss ($8,000) For the current year, Tonya had the following items: Salary $45,000 Collection of last year’s bad debt $12,000 Determine Tonya's adjusted gross income for the current year.
Expert's answer
Adjusted gross income = total gross income - deductions.
TGI = Salary + Capital gains (losses) = $45,000 + $12,000 - $8,000 = $49,000
AGI = $49,000 - $12,000 $37,000

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