Lane is single and has two dependent children. Financial records show the following items in the current year: Gift from a friend Dividends received on stock $12,000 $1,200 $1,000 $35,000 $6,000 $12,000 Price won in state lottery Salary from employer Child support received from ex-spouse Alimony received from ex-spouse How much is Lane's adjusted gross income for the current year? a. $47,000. b. $48,200. c. $49,200. d. $67,200.
Lane is single and has two dependent children. Financial records show the following items in the current year: Gift from a friend Dividends received on stock $12,000 $1,200 $1,000 $35,000 $6,000 $12,000 Price won in state lottery Salary from employer Child support received from ex-spouse Alimony received from ex-spouse How much is Lane's adjusted gross income for the current year? a. $47,000. b. $48,200. c. $49,200. d. $67,200.
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 22CE: Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary....
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Transcribed Image Text:Lane is single and has two dependent children. Financial records show the following items in
the current year:
Gift from a friend
Dividends received on stock
$12,000
$1,200
$1,000
$35,000
$6,000
$12,000
Price won in state lottery
Salary from employer
Child support received from ex-spouse
Alimony received from ex-spouse
How much is Lane's adjusted gross income for the current year?
a. $47,000.
b. $48,200.
c. $49,200.
d. $67,200.
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