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Albert, who is single, retired from his job this year. He received a salary of $24,000 for the portion of the year that he worked, tax-exempt interest of $3,400, and dividends from domestic corporations of $2,600. On August 1, he began receiving monthly pension payments of $1,400 and Social Security payments of $500. Assume an exclusion ratio of 40% for the pension. Albert owns a duplex that he rents to others. He received rent of $18,000 and incurred $22,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Requirement Compute Albert's adjusted gross income. Gross income Minus: Deductions for Adjusted gross income Adjusted gross income Dividend income Itemized deductions Pension income (taxable portion) Personal and dependency exemptions Rental expenses Rental income Salary Social security income (taxable portion) Standard deduction Tax-exempt interest income