1. Rental Income. (Obj. 1) State the amount of rental income that must be reported on Schedule E for 2016 by cach of the following taxpayers Taxpayer Description Amount On November 30, 2016, the taxpayer receives $1,500 a security deposit, $1,000 for the December rent, and an advance payment of $5,000 for an additional five months' rent The taxpayer normally receives rent of $300 per month on the first of each month. In 2016, the tenant made $600 of improvements in lieu of two months' rent Rent of $1,200 is received when the taxpayer rents a personal residence to friends for 12 days during the Mardi Gras festivities