P. I:3-30 and comprehensive. Solution: $44,000 + $8,000 + $4,800 ($12,000 x .40) + $30,000 + $7,000 – $9,000 = $84,800. She had the following items of income and expense: Salary prior to retirement $44,000 Dividends from domestic corporation 8,000 City of Los Angeles bonds 3,000 Pension (60% exclusion ratio) 12,000 Share of partnership income 30,000 Partnership distribution 10,000 Rent income 7,000 Rent expenses 9,000 What is Jeannies Adjusted Gross Income for the year?
Gross Income for the year
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