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    celile's Avatar
    celile Posts: 1, Reputation: 1
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    #1

    Feb 16, 2010, 09:29 PM
    Arnold was employed during the first six months of the year and earned a $46,000 sala
    Arnold was employed during the first six months of the year and earned a $46,000 salary. During the next 6 months, he collected $4,800 of unemployment compensation, borrowed $6,000 (using his personal residence as collateral), and withdrew $1,000 from his savings account (including $60, interest). His luck was not all bad, for in December he won $800 in the lottery on a $5 ticket. Because of his dire circumstances, Arnold’s parents loaned him $10,000 (interest-free) on July 1 of the current year, when the Federal rate was 8%. Arnold did not repay the loan during the year and used the money for living expenses. Calculate Arnold’s adjusted gross income for the year.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 16, 2010, 09:36 PM

    Sorry our experts are way to busy this time of year to waste their time doing your homework.

    First since we don't do homework here, and second, they are too buy helping those with real life issues, not homework

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