Business, 15.04.2020 20:26 jadabugs8187

Arnold was employed during the first six months of the year and earned a $90,000 salary. During the next 6 months he collected $7,200 of unemployment compensation, borrowed $6,000 (using his personal residence as collateral), and withdrew $1,000 from his savings account (including $60 interest). When he left his former employer, he withdrew his retirement benefits (a qualified annuity) in a lump-sum of $50,000. He made no contributions to the plan. Arnold’s parents loaned him $10,000 (interest free) on July 1 of the current year, when the Federal rate was 3%. Arnold did not repay the loan during he year and used the money for living expenses. Calculate Arnold’s adjusted gross income for the year.

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Arnold was employed during the first six months of the year and earned a $90,000 salary. During the...

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