Arnold Was Employed During the First Six Months of the Year

Arnold was employed during the first six months of the year and earned a $46,000 salary.During the next 6 months,he collected $4,800 of unemployment compensation,borrowed $6,000 (using his personal residence as collateral),and withdrew $1,000 from his savings account (including $60,interest).His luck was not all bad,for in December he won $800 in the lottery on a $5 ticket.Because of his dire circumstances,Arnold's parents loaned him $10,000 (interest-free)on July 1 of the current year,when the Federal rate was 8%.Arnold did not repay the loan during the year and used the money for living expenses.Calculate Arnold's adjusted gross income for the year.