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10 July, 00:57

During 2018, Marvin had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal auto) 10,000 Alimony paid (divorce was finalized in 2010). 12,000 Child support paid 6,000 Gift from aunt 20,000 Marvin's AGI is: a. $38,000. b. $32,000. c. $56,000. d. $44,000. e. $64,000.

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  1. 10 July, 02:26
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    A. $38,000.

    Explanation:

    $50,000 (Salary) - $12,000 (Alimony) = $38,000.

    The gift is an exclusion while the child support is nondeductible. Amounts borrowed are not income.
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