16. Based upon the following events that occurred during the year, determine that amount that T must include in gross income.

• T received cash compensation of $72,500

• T's employer paid health insurance premiums on their behalf in the amount of $5,500

• T's neighbor walked T's dog regularly in exchange for use of T's garage; the fair value of the garage rental was $1,300

• T's shares in XYZ, Inc. increased in value by $7,500; T did not sell the shares

• T received interest payments of $3,500 on a City of New York bond

• T received interest payments of $2,500 on a Coca-Cola Corporation bond

• T received a gift from their parents in the amount of $17,000

• T received an inheritance from their uncle in the amount of $6,000

• T received life insurance proceeds of $60,000 from a policy owned by and insuring the life of T's late uncle

U.S.A