Mr. and Mrs. Philips recognized the following capital gains and losses this year. Their AGI before consideration of these gains and losses was $140,000. Compute their AGI.

Question

Mr. and Mrs. Philips recognized the following capital gains and losses this year.  Their AGI before consideration of these gains and losses was $140,000. Compute their AGI.

Quizplus · Accepted Answer

The question states that the AGI before consideration of gains and losses was $140,000. Therefore, we do not need to deduct any losses or add any gains to this amount as they have already been recognized. Therefore, the AGI remains at $140,000. Choice C is the only option that reflects this.

Mr and Mrs