1) Liz, who is single in 2020, lives in a single-family home and owns a second single family home that she rented for the entire year at a fair rental rate. Liz had the following items of income and expense during the current year.

Income:

Gross salary and commissions from Ace Corporation	$50,000
Rent received from tenant in Liz's rental house	13,000
Dividends received on her portfolio of stocks	5,000

Expenses:

Interest and property taxes on her own home	9,000
Taxes, interest and repair expenses on rental house	3,500
Depreciation expense on rental house	2,300

What is her adjusted gross income for the year?

A) $64,300

B) $53,200

C) $62,200

D) $68,000