Comprehensive Example Chapter 5 Calculate Gross Income using the following information Salary Savings Accounting Interest Income Checking Accounting Interest Income State of New York Interest Income Ordinary Dividends Qualified Dividends Alimony Income Social Security Benefits Annuity Payment 85,000.00 $ 200.00 125.00 $ 8,000.00 7,000.00 3,000.00 10,000.00 12,000.00 annuity terms: Investment of $110,000 with total payout of $225,000, term of 10 years Gambling Income Health Insurance Premium Scholarship Qualified Education Expenses Inheritance 2,200.00 3,000.00 2,000.00 2,700.00 14,000.00 Sold 100 shares of stock Basis of $10 per share Sold for $22 per share purchased the stock less than 1 year ago Sold 200 shares of stock Basis of $12 per share Sold for $8 per share purchased the stock more than 1 year ago Condo Rental Property Rental Income Rental Expenses 12,000.00 11,500.00 Parternship Income-25% Partner Business Income Interest Income Cash Distribution 32,000.00 $450.00 1,400.00 Independent Contractor Business 1,750.00 1,000.00 Income Expenses Modified AGI