Brooks, single and age 42, was divorced after 12/31/2018. He…

Brooks, single and age 42, was divorced after 12/31/2018. He had the following items of income and expense for the current tax year.  Wages: $60,000  Interest: $1,000  Inheritance: $50,000  Alimony paid: $10,000  Child support paid: $8,000  Federal taxes paid: $5,000  State income taxes paid: $2,000  Medical expenses: $7,500  What is Brooks’s adjusted gross income? 

Income to U.S. taxpayers is taxed in the year it is derived…

Income to U.S. taxpayers is taxed in the year it is derived in which of the following situations? Interest earned but reinvested in a savings account in an FDIC savings bank. Unrealized long-term capital gains on stocks. Income earned on most municipal bonds. Short-term gains realized within a qualified retirement plan. Increased value of personal residence.