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 City of Los Angeles bonds 5,000 Pension (60% exclusion ratio) 12,000 Share of partnership income 14,000 Partnership distribution 10,000 Rent income 7,000 Rent expenses 9,000 What is Jeannie's adjusted gross income for the year?

Answer rating: 100% (QA)

Income Salary 34000 Dividends 4000 Taxexempt interest ... View the full answer