During 2014, Esther had the following transactions:
Salary $70,000
Interest income on Xerox bonds 2,000
Inheritance from uncle 40,000
Contribution to traditional IRA 5,500
Capital losses 2,500
Esther's AGI is:
a. $62,000.
b. $64,000.
c. $67,000.
d. $102,000.
e. $104,000.
Answer: B