Top Posters
Since Sunday
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
Augustus1 Augustus1
wrote...
Go to Answer
Posts: 1894
Rep: 1 0
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:
Read 235 times
2 Replies
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
Replies
Answer verified by a subject expert
MsLippyMsLippy
wrote...
#1
Top Poster
Posts: 1848
Rep: 64 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Augustus1 Author
wrote...
#2
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
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1306 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 1036
  
 1158
  
 355
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 352
Previous poll results: Which is the best fuel for late night cramming?