Admir, who is single, retired from his job this year. He received a salary of $25,000 for
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Admir, who is single, retired from his job this year. He received a salary of $25,000 for the portion of the year that he worked, tax-exempt interest of $3,000, and dividends from domestic corporations of $2,700. On september 1, he began receiving monthly pension payments of $1,000 and social security payments of $600.
Assume an exclusion ratio of 40% for the pension. Admir owns a duplex that he rents to others. He received rent of $12,000 and incurred $17,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Compute amir's adjusted gross income.
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: