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Augustus1 Augustus1
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Posts: 1894
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7 years ago
Liz, who is single, lives in a single family home and owns a second single family home that she rented for the entire year at a fair rental rate. Liz had the following items of income and expense during the current year.
Income:
   Gross salary and commissions from Ace Corporation   $50,000
   Rent received from tenant in Liz's rental house   13,000
   Dividends received on her portfolio of stocks   5,000
Expenses:
   Unreimbursed professional dues   200
   Subscriptions to newsletters recommending stocks   900
   Taxes, interest and repair expenses on rental house   3,500
   Depreciation expense on rental house   2,300

What is her adjusted gross income for the year?
A) $53,750
B) $61,100
C) $62,200
D) $68,000
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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2 Replies
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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7 years ago
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Augustus1 Author
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7 years ago
I needed this so bad, I'm laughing right now from happiness
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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