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Taxable Status of Transactions

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Salary: $48,000
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

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Solution Summary

This solution discusses the taxable status of a salary, damage award, loss on sale of an investment, loan proceeds, and alimony paid.

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The AGI will be computed as follows:

Salary $48,000
Loss on sale of stock ( 3,000)
Gross income ...

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