18. In the current year, Marc, a single taxpayer, has ordinary income of $35,000. In addition, he has $3,000 in short-term capital gains (STCG), short-term capital losses (STCL) of $6,000, and long-term capital gains (LTCG) of $4,000. What is Marc's adjusted gross income (AGI) for the current year

Answers

Answer 1

Answer:

$36,000

Explanation:

The computation of the adjusted gross income for the present year is as follows:

= Ordinary income + short term capital gain - short term capital loss + long term capital gain

= $35,000 + $3,000 - $6,000 + $4,000

= $36,000

Hence, the adjusted gross income for the present year is $36,000

The same is relevant


Related Questions

Hello today January 1 happy new year​

Answers

Answer:

Happy New Year

Explanation:

New Ventures Enterprises Inc. Is considering a proposal to invest 600,000 in new Cell Telephone Product. Production equipment which will be depreciated on a straight-line basis with a 6-year life, and no salvage value. The projected

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Answer:

Note: The full question is attached as picture below

                    New Ventures Enterprises Inc.

                               Income Statement

Sales                                                              $565,000

Cost of goods sold

Variable manufacturing cost   $100,000

Direct labor cost                       $150,000

Fixed manufacturing cost        $52,500

Total cost of goods sold                                $302,500

Gross Profit                                                     $262,500

Operating Expenses

Selling and administrative                              $74,000

Operating profit                                               $188,500

Income tax expenses at 15%                           $28,275

Net Income                                                       $160,225

Prepare the correcting entry.
The purchase of 1200 of office equipment with a three year useful life was debited to office supplies

Answers

You have to submit the one that is not working properly in a timely fashion but it’s a very nice way
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