BOOK Earned and unearned Income, Transfers from Others (L03) Elwood is retired. During 2020, he receives $11,000 in Social Security benefits. In addition, he receives 55,800 In cash dividends on stocks that he owns and $8,000 in interest on tax exempt bonds. Assuming that Elwood is single, what is his gross income il a. He receives no other income? 5,800 b. He also receives $10,900 in unemployment compensation 5,450 X C. He sells some and for $79,600 and he paid $44,300 for the land? www Under the capital recovery concept, it could be said that hair of each dayment received from Social Security represents a return of the taxpayer's investment and is therefore excluded, much like annuities. But for lower income taxpayers, lesser of formula is applied to determine the amount to include in gross income