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    A taxpayer had the following income and losses in 2006

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    A taxpayer had the following income and losses in 2006:

    salary 55,000
    sold stock at a loss (5000)
    lottery prize 4500
    gambling winnings 8000
    gambling losses (5000)

    What is the taxpayers adjusted gross income?

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    https://brainmass.com/business/accounting/taxpayer-following-income-losses-107666

    Solution Summary

    The solution provides calculations and explanations for the problem.

    $2.19

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