During 2010, Justin had the following transactions: Salary...................... $80,000 Interest income on IBM bonds........... 2,000 Damages for

Question:

During 2010, Justin had the following transactions:

Salary...................... $80,000

Interest income on IBM bonds........... 2,000

Damages for personal injury (car accident)...... 200,000

Punitive damages (same car accident)......... 100,000

Cash dividends from Chevron Corporation Stock..... 5,000

Justin's AGI is:

a. $185,000

b. $187,000

c. $285,000

d. $287,000

e. $385,000.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...