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helen who is dr payne rsquo s aunt has economic income as follows fair market value 698534

Helen, who is Dr. Payne’s aunt, has economic income as follows:

Fair market value of Helen’s assets on December 31, 2012

$220,000

 

Less liabilities on December 31, 2012

(40,000)

 

Net worth on December 31, 2012

 

$ 180,000

Fair market value of Helen’s assets on January 1, 2012

$200,000

 

Less liabilities on January 1, 2012

(80,000)

 

Net worth on January 1, 2012

 

(120,000)

Increase in net worth

 

$ 60,000

Consumption

 

 

Food, clothing, and other personal expenditures

 

25,000

Imputed rental value of the home Helen owns and

 

 

occupies

 

12,000

Economic income

 

$ 97,000

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