A taxpayer had the following income and losses in the current year:Salary$55,000Sold AT&T stock at a loss( 5,000)Lottery prize4,500 Gambling winnings8,000 Gambling losses( 5,000)What is the taxpayer's adjusted gross income?

A. $64,500
B. $62,500
C. $57,500
D. $59,500


Answer: A

Business

You might also like to view...

Sometimes a(n) _____ is automatically created using data, such as the date and time of a transaction or the name or password of the user updating the file.

A. atomic transaction B. audit trail C. denial of service D. global transaction

Business

The Real Estate Settlement Procedures Act (RESPA):

A. requires that title insurance be purchased from the company specified by the seller. B. requires that buyers receive advance disclosure of the settlement costs that will be incurred. C. is designed to prevent discrimination against pregnant women and families with children in settlement procedures. D. permits settlements for referral of business to title companies.

Business

Interest payment on long–term borrowing is classified as a(n):

a. noncash activity. b. financing activity. c. investing activity. d. operating activity.

Business

A costing system that first assigns costs to activities and then to products is:

A) activity based costing B) kaizen costing C) production costing D) volume based costing E) unit-level costing

Business