Solved

Lori Had the Following Income and Losses During the Current

Question 106

Multiple Choice

Lori had the following income and losses during the current year:  Wages $22,000 Share of partnership income 18,000 Unemployment compensation 12,000 Gambling winnings 2,000 Gambling losses (5,000)  Prize won from a charity raffle 30,000\begin{array} {| l | r | } \hline \text { Wages } & \$ 22,000 \\\hline \text { Share of partnership income } & 18,000 \\\hline \text { Unemployment compensation } & 12,000 \\\hline \text { Gambling winnings } & 2,000 \\\hline \text { Gambling losses } & ( 5,000 ) \\\hline \text { Prize won from a charity raffle } & 30,000 \\\hline\end{array} What is Lori's adjusted gross income?


A) $72,000
B) $79,000
C) $82,000
D) $84,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents