Elwood had to retire early because of a job-related injury. During the current year, he receives $10,000

Question:

Elwood had to retire early because of a job-related injury. During the current year, he receives $10,000 in Social Security benefits. In addition, he receives $6,000 in cash dividends on stocks that he owns and $8,000 in interest on tax-exempt bonds.

Assuming that Elwood is single, what is his gross income if

a. He receives no other income?

b. He also receives $11,000 in unemployment compensation?

c. He sells some land for $80,000? He paid $45,000 for the land.

Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...