Question - During 2011, Milton Hanover was granted a divorce from his wife. The divorce decree stipulated that he was to pay both alimony and child support for a specified period of time. In examining his records for 2011, the following information is available:
Salary: $50,000
Interest received on bank deposits: $2,000
Interest received on municipal obligations: $1,000
Alimony paid: $3,600
Child support: $4,800
What is Hanover's adjusted gross income for 2011?
$44,600
$48,400
$49,400
$52,000