Mrs. Smith owns a retail store. A piece of land adjacent to her store became available for sale. She received a personal loan of $200,000 from her husband which involved a promissory note without interest. She purchased the land and turned it into a parking lot for customers (charging no parking fees). As a direct result of the parking lot her retail sales increased by 10% bringing in extra revenues of $20,000 in 2019 for the retail store. At the end of 2019 the city expropriated the land for $300,000 and it was not replaced. From the funds of the sale of the land she repaid the loan to her husband. What is the minimum amount that must be included in Mr. Smith’s income for 2019

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200000 This is the income from loan repayment fro... View the full answer