29 Jun Question 1)Trish had the following transac
Question
1)Trish had the following transactions during 2010:
Salary $70,000
Interest income on bonds
Issued by City of Newark $3000
Issued by Chevron Corporation $2000 $5000
Alimony received $4000
Child support received $12000
City and state income taxes paid $5000
Bank loan obtained to pay for vacation $8000
What’s trish’s AGI for 2011?
2) George is employed by the Quality Appliance Company. all the full-time employees are allowed to purchase appliances at the company’s cost plus 5%. The employee also is given, at no cost, a 1 year service contract on al the goods purchased from the company. George purchased a refrigerator for $420. The company’s normal selling price for the refrigerator is $800. George also received a service contract, at no charge, that had a value of$120. During the year, George was required to have his refrigerator serviced once. The cost of the call would have been $50 if he had not had the service contract. Is George required to recognize any income from the purchase of the refrigerator and the receipt of the service contract?
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