During 2015,Marvin had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal auto) 10,000 Alimony paid 12,000 Child support paid 6,000 Gift from aunt 20,000 Marvin's AGI is:
A)$32,000.
B)$38,000.
C)$44,000.
D)$56,000.
E)$64,000.

Question

Quizplus · Accepted Answer

Marvin's AGI is calculated by taking his salary of $50,000 and subtracting the alimony paid of $12,000, resulting in an AGI of $38,000. The bank loan, child support, and gift do not affect AGI.

During 2015,Marvin Had the Following Transactions: Salary $50,000 Bank Loan