5. Fred reported the following information for 2021.

Fred operates an accrual basis consulting business. Because each client requires such a significant investment of Freds time, he requires clients to pay for 2 years at a time. In 2020, Fred received $109,440 for services to be provided (equally over time) Nov 1, 2020 Oct 31, 2022. In 2021, he received $167,640 for services to be provided (still equally) May 1, 2021 Apr 30, 2023.

In 2021, Fred paid $15,000 in alimony to his ex-wife, Donna. They were divorced in 2016.

In 2021, Fred received $20,000 in unemployment compensation.

In 2021, Fred received a $40,000 gift from his good friend Joe.

Calculate Freds gross income.