Damage award (compensatory) for city bus accident: $18,000
Loss on sale of stock investment: $5,600
Loan from father to purchase auto: $14,000
Alimony paid to ex-wife: $8,000
What is the AGI for 2006© BrainMass Inc. brainmass.com June 4, 2020, 12:53 am ad1c9bdddf
The AGI will be computed as follows:
Loss on sale of stock ( 3,000)
Gross income ...
This solution discusses the taxable status of a salary, damage award, loss on sale of an investment, loan proceeds, and alimony paid.