Jeannie,a single taxpayer,retired during the year,to take over the management of some rental property.She had the following items of income and expense:
Salary prior to retirement date $34,000
Dividends from domestic corporation 4,000
Interest from City of Los Angeles bonds 5,000
Annuity (60% exclusion ratio)12,000
Share of partnership income 14,000
Partnership distribution 10,000
Rent income 17,000
Rent expenses 9,000
What is Jeannie's adjusted gross income for the year?

Question

Quizplus · Accepted Answer

The Answer of Jeannie,a single taxpayer,retired during the year,to take over the management of some rental property.She had the following items of income and expense:
Salary prior to retirement date $34,000
Dividends from domestic corporation 4,000
Interest from City of Los Angeles bonds 5,000
Annuity (60% exclusion ratio)12,000
Share of partnership income 14,000
Partnership distribution 10,000
Rent income 17,000
Rent expenses 9,000
What is Jeannie's adjusted gross income for the year?

Jeannie,a Single Taxpayer,retired During the Year,to Take Over the Management