Problem:
On January 1, 2014, Tammy, a vice-president of Toledo National Bank (TNB), was transferred to France to work in a French subsidiary of TNB. Tammy stayed in France for the entire year and was paid a salary of $74,500. She also had interest income of $24,000 from U.S. savings accounts.
Required:
Tammy's U.S. gross income for the year is:
- $0
- $24,000
- $74,500
- $98,500
Note: Show supporting computations in good form.