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During 2019, Marvin had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal...

During 2019, Marvin had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal auto) 10,000 Child support paid 12,000 Alimony received from a 2017 divorce 6,000 Gift from aunt 20,000 Marvin’s AGI is:

a. $32,000. b. $38,000. c. $44,000. d. $56,000. e. $62,000.

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Answer #1

Answer is D. $56000

Salary $50000+$Alimony$6000=$56000

Gift is an exclusion and child support is non deductible. Amount of loan is not income.

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