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Marvin had the following transactions: Salary $50,000 Interest on City of Chicago bonds $250 Bank loan (proceed to buy personal auto) $10,000 Alimony payment to ex-wife (Divorce was finalized in 2018) $12,000 Child support payment $6,000 Gift received from aunt $20,000 Marvin's AGI is: A. $32,000 B. $38,000 C. $44,000 D. $56,000 E. $64,000

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Answer:

B. $38,000

Explanation:

Calculation for Marvin's AGI

Salary $50,000

Less Alimony payment to ex-wife $12,000

AIG $38,000

($50,000-$12,000)

Therefore Marvin's AGI is $38,000

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