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Al, who is single, retired from his job this year. He received a salary of $23,000 for the portion of the year that he worked,
Al, who is single, retired from his job this year. He received a salary of $23,000 for the portion of the year that he worked, tax-exempt interest of $4,000, and dividends from domestic corporations of $2.200. On August 1, he began receiving monthly pension payments of S900 and Social Security payments of $700. Assume an exclusion ratio of 40% for the pension Al owns a duplex that he rents to others. He received rent of $12,000 and incurred $14,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job Requirement Compute Ar's adjusted gross income. Gross income Minus: Deductions for Adjusted grossincome Adjusted gross income
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