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 |